Japan is set to implement stricter anti-money laundering measures, including the so-called “travel rule” of the Financial Action Task Force (FATF) from June 1, according to local news outlet Kyodo News.
The decision was made by Japan’s cabinet on Tuesday after the nation’s anti-money laundering steps were deemed insufficient by global financial crimes watchdog FATF, the report said.
In 2019, the FATF recommended the travel rule to combat money laundering and terrorist financing using crypto. By June 2022, the FATF was urging member nations to introduce travel rule legislation “as soon as possible.”
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Earlier this month, the Group of Seven (G-7) intergovernmental political forum
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