According to Foresight News, the Supreme People's Procuratorate's WeChat official account, on the morning of August 19, the Supreme People's Court and the Supreme People's Procuratorate jointly held a press conference to issue the "Interpretation on Several Issues Concerning the Application of Laws in Handling Criminal Cases of Money Laundering" (hereinafter referred to as the "Interpretation"). The "Interpretation" will come into effect on August 20, 2024. The "Interpretation" has a total of 13 articles, and the main contents include: First, clarify the identification standards for the crimes of "self-laundering" and "other money laundering", as well as the review and identification standards for the subjective understanding of the crime of "other money laundering". Second, clarify the identification standards for "serious circumstances" of money laundering crimes. Third, clarify the seven specific circumstances of "covering up and concealing the source and nature of criminal proceeds and their proceeds by other methods". Fourth, clarify the principle of concurrent punishment for money laundering crimes and crimes such as concealing and concealing criminal proceeds and criminal proceeds. Fifth, clarify the standard for the amount of fines. Sixth, clarify the standard for lenient punishment. The "Interpretation" clearly states that if the amount of money laundering is more than 5 million yuan and the money laundering behavior is carried out multiple times; if the person refuses to cooperate with the recovery of property, resulting in the inability to recover the stolen money and property; causes losses of more than 2.5 million yuan; or causes one of other serious consequences, it shall be deemed as "serious circumstances."
The Interpretation lists "virtual asset" transactions as one of the ways of money laundering. It is clear that the transfer and conversion of criminal proceeds and their proceeds through "virtual asset" transactions and financial asset exchanges can be identified as "covering up and concealing the source and nature of criminal proceeds and their proceeds in other ways" as stipulated in Article 191, Paragraph 1, Item 5 of the Criminal Law. The "Interpretation of the Supreme People's Court and the Supreme People's Procuratorate on Several Issues Concerning the Application of Law in Handling Criminal Cases of Money Laundering" was adopted at the 1880th meeting of the Judicial Committee of the Supreme People's Court on March 20, 2023 and at the 28th meeting of the 14th Procuratorial Committee of the Supreme People's Procuratorate on March 29, 2024. It is now promulgated and will come into effect on August 20, 2024.