The Supreme People's Court and the Supreme People's Procuratorate: "Virtual Assets" Transactions are Clearly Listed as a Method of Money Laundering (from Copyrrading.cc)

The Supreme People's Court and the Supreme People's Procuratorate jointly issued an interpretation on several issues concerning the application of laws in handling criminal cases of money laundering on the 19th, in which "virtual assets" transactions were clearly listed as one of the methods of money laundering.

According to the Supreme People's Court, with the widespread application of Internet technology, money laundering methods are constantly being updated and upgraded. Virtual currency, game currency, "running point platform", live broadcast rewards, etc. have become new money laundering carriers and methods, which have put forward new and higher requirements for combating money laundering crimes.

In this regard, the judicial interpretation clarifies the seven specific circumstances of "covering up and concealing the source and nature of criminal proceeds and their proceeds by other methods" in the Criminal Law, including "virtual assets" transactions, financial asset exchange methods, transfer and conversion of criminal proceeds and their proceeds, etc.

At the same time, the judicial interpretation clarifies 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". The judicial interpretation also clarifies that if the amount of money laundering is more than 5 million yuan, and there are multiple money laundering behaviors; refuse to cooperate with the recovery of property, resulting in the inability to recover the stolen money and property; cause losses of more than 2.5 million yuan; or cause one of other serious consequences, it shall be deemed as "serious circumstances".

Chen Hongxiang, president of the Third Criminal Division of the Supreme People's Court, said that the people's courts will severely punish money laundering crimes in accordance with the law, and increase the crackdown on money laundering crimes involving underground banks, using virtual currency, game coins, etc. Punish "self-laundering" crimes in accordance with the law. Increase the intensity of sentencing and execution of fines, recover the illegal gains of money launderers in accordance with the law, and prevent anyone from illegally profiting from criminal acts. At the same time, we will earnestly implement the criminal policy of combining leniency with severity, distinguish between situations, and treat them differently to ensure the best political, social and legal effects.

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