Odaily Planet Daily News 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. It has a total of 13 articles, and the main contents include: 1. 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". 2. Clarify the identification standards for "serious circumstances" of money laundering. 3. Clarify the seven specific circumstances of "covering up and concealing the source and nature of the proceeds of crime and its proceeds by other methods". 4. Clarify the principle of concurrent punishment for the crime of money laundering and the crime of concealing and concealing the proceeds of crime, the proceeds of crime and other crimes. 5. Clarify the standard for the amount of fines. 6. Clarify the standard for lenient punishment. 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 deemed as "covering up and concealing the source and nature of criminal proceeds and their proceeds by other means" as stipulated in Article 191, paragraph 1, item 5 of the Criminal Law.