According to the local publication Kyodo News, the new AML procedures will allow Japan’s legislation to catch up with the world’s leading countries in this area. Parliamentarians began to improve the existing measures to combat money laundering in December last year. At that time, the international Financial Action Task Force on Money Laundering (FATF) stated that the procedures in force in Japan were insufficient.
One of the main innovations will be the “move rule”, which will allow better tracking of cryptocurrency transactions. Any financial institution, when making a transaction in excess of $3,000, will have to transfer information about the transaction to the regulator. The list of data should include the names and addresses of the recipient and sender, as well as all account information.
The current version of the rules for combating money laundering and the financing of terrorism in Japan earned on April 1 last year.
Source: Bits
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