China is stepping up its efforts to combat money laundering activities, particularly those involving virtual currencies. According to the Supreme People’s Procuratorate (SPP), the country’s highest prosecuting body, a recent study session focused on the revised Anti-Money Laundering Law and its implications for legal supervision.
Ying Yong, Secretary of the Party Group and Chief Prosecutor of the SPP, emphasized the need to strengthen the fight against money laundering and accurately grasp the revised law’s provisions on expanding the scope of predicate offenses—the criminal activities that generate the proceeds to be laundered. He stressed the importance of leveraging the law to ensure high-quality financial development.
A key focus of this initiative is the use of virtual currencies in money laundering schemes. The SPP highlighted the need to enhance its capabilities in combating money laundering using new technologies, products, and business models, including virtual currencies. This involves integrating the provisions of the Anti-Money Laundering Law and the Criminal Law on money laundering crimes and applying relevant judicial interpretations. The SPP also pledged to deepen the ongoing three-year action plan to combat money laundering crimes.
The Chief Prosecutor acknowledged the complexity and long-term nature of implementing the Anti-Money Laundering Law. He called for coordinated implementation with other relevant laws, such as the Criminal Law, to accurately identify related crimes like self-laundering and concealment of criminal proceeds. He also emphasized the importance of interagency cooperation and improving mechanisms to build a robust legal defense against money laundering.
Furthermore, the SPP highlighted the need for specialized training and capacity building to address the evolving nature of money laundering. This includes strengthening research on new areas, formats, and types of money laundering cases, particularly those involving virtual currencies, and accumulating judicial case handling practices to improve the effectiveness of law enforcement.
