The "Explanation on Several Issues Concerning the Application of Law in Handling Criminal Cases of Money Laundering" was officially promulgated and came into effect immediately. This move marks the first major legal revision since the implementation of China's Anti-Money Laundering Law in 2007, nearly 20 years later. Some senior managers in the industry speculated that China may be preparing to lift the total ban on cryptocurrencies.
The key points of this judicial interpretation include:
1. Refine the definition of money laundering crimes: clearly define the criminal components of "self-laundering" and "money laundering by others", as well as the review standards for subjective cognition in the crime of "money laundering by others". 2. 3. Clear standards for serious circumstances: establish specific criteria for determining "serious circumstances" of money laundering crimes, providing clear guidance for judicial practice. 4. 5. Add new types of money laundering methods: list in detail seven specific situations of "covering up and concealing the source and nature of criminal proceeds and their proceeds by other methods", among which virtual asset transactions are clearly included in the category of money laundering methods, pointing out that the transfer and conversion of criminal proceeds through virtual asset transactions or financial asset exchanges will be regarded as money laundering. 6. 7. Clear principles of concurrent punishment: clarify the competitive relationship and punishment principles between money laundering crimes and other related crimes (such as concealing and concealing criminal proceeds and crimes of proceeds from criminal proceeds). 8. 9. Fine and sentencing standards: It stipulates clear standards for the amount of fines and points out that for serious money laundering crimes, fines ranging from RMB 10,000 to RMB 200,000 will be imposed, and may also face a fixed-term imprisonment of 5 to 10 years. 10. 11. Conditions for lenient punishment: It establishes specific conditions and standards for lenient punishment in money laundering crimes. 12. Zhang Jianzhong, deputy director of the Economic Crime Procuratorate of the Supreme People's Procuratorate, pointed out that since 2020, the national procuratorates have achieved remarkable results in anti-money laundering work. The number of money laundering cases prosecuted in 2023 surged nearly 20 times compared with 2019, reaching 2,971 people. In the first half of 2024, the number of people prosecuted for money laundering crimes continued to rise, up 28.4% year-on-year, showing that the crackdown on money laundering crimes has been continuously strengthened. Chen Xueyong, deputy director of the Third Criminal Division of the Supreme People's Court, stressed that underground banks have become an important channel for money laundering and illegal cross-border transfer of funds, especially new underground banks that use virtual currency, game coins and other new financial instruments to transfer assets across borders. The amount involved is huge and the difficulty of investigation and punishment has increased, which has posed new challenges to anti-money laundering work. To this end, Chen Hongxiang, director of the Third Criminal Division of the Supreme People's Court, said that the people's courts will take more severe measures against money laundering crimes in accordance with the law, especially those involving underground banks and criminal acts of money laundering using virtual currency and game coins, which will be severely punished to maintain national financial order and social stability.#新币挖矿DOGS
