The National Police Agency of Japan (NPA) reported that in 2018, more than 7,000 cases of money laundering using cryptocurrency were recorded. This figure is 10 times higher than in 2017. Reported by The Mainichi.
Despite such rapid growth, the laundering operations are still carried out mainly by banks. A total of 417,000 suspicious transactions were recorded last year. However, only 1.7% of cases used cryptocurrency.
To improve the detection of suspicious activity in the financial sphere, NPA intends to use artificial intelligence solutions.
Cryptocurrencies in Japan over time become more popular. For example, in trading with Bitcoin, the Japanese yen was used more often than the US dollar.
It is noteworthy that the Turkish Lira is in the top 5 of this rating. According to the Trading Economics service, the annual inflation rate in Turkey exceeds 20%.