Japan : the Blockchain in the service of the fight against money laundering

The report on the illegal transactions carried out by the companies of crypto-currencies in Japan shows a statistical increase in the last year.

The operators in crypto-currencies are malicious targeted

417 465 cases of illegal financial activities have been identified with the national police agency of Japan in 2018, and this figure has experienced an unprecedented rise, or 440 492 in 2019.
The national police agency explains this increase by the effort of the additional monitoring carried out by financial institutions, but above all because the activities of crypto-currencies and the Blockchain are now enshrined in the procedures for combating money laundering in Japan.
In fact, the number of complaints against operators of crypto-currencies has increased five-fold last year, reaching a high of 5996 case, if there were only 1100 in 2018.
The national police agency of Japan has initiated legal proceedings against the financial institutions involved in more than 500 suspected cases of money laundering and illegal activities.

The japanese authorities show themselves to be intransigent

The triumph of the japanese police following this legislative reform is in part the result of the effectiveness of the technology Blockchain, making it more fluid for the detection of suspected cases and treatment of complaints.
But above all, the country of the rising sun has built its reputation in the flawless execution of criminal justice, because a case handled in court is a conviction rate of 99%. This vigilance is well-known in Japan will weaken the criminals, which is already seen by the decrease of the malignancies in the sector crypto.
It should be finally noted that while the number of reported cases skyrocketed, the percentage of prosecution continues, meanwhile, to decrease.
What do you think of the fact that gradually takes on the technology Blockchain in Japan ? Let us know your opinion in the comment section below.
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About the author

Jeremiah Faber

Jeremiah Faber

Jeremiah is an explorer by heart – both in the physical and the digital realm. A traveler, Jeremiah continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Jeremiah and through his business acumen has gained financial profits as well as fame in his business niche.

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