Suspected Money-Laundering Transactions Hit Record High in Japan


Tokyo, March 3 (Jiji Press)--Financial institutions and others in Japan reported record 530,150 transactions of suspected money laundering last year, up by 97,948 from the previous year, the National Police Agency said Thursday.

The rise came apparently due to financial institutions' strengthening of surveillance. Artificial intelligence is being used to efficiently check suspicious transactions.

Under the Act on Prevention of Transfer of Criminal Proceeds, financial institutions are obliged to notify the competent authorities of suspicious transactions that may be linked to money laundering. The information is gathered at the NPA for use by prefectural police in related investigations.

The number of cases handled by the police based on such information came to 1,045, up by 17. Of them, 80 pct were cases related to fraud.

About 70 pct of the reports are from banks, but the number of notifications from cryptocurrency exchange service providers jumped by 5,517 to 13,540, exceeding 10,000 for the first time.

[Copyright The Jiji Press, Ltd.]

Jiji Press