TechFlow news, the Supreme People's Court and the Supreme People's Procuratorate have recently jointly issued an interpretation on the application of law in handling money laundering criminal cases, explicitly listing transactions involving "virtual assets" as one of the methods of money laundering.
Over the past three years, courts across the country have concluded 2,406 first-instance money laundering cases involving 2,978 individuals.
New forms of money laundering include the use of cryptocurrencies, gaming tokens, "run-score platforms," and live-streaming tips, characterized by networking and chain-like structures, with strong concealment and deception.
The new regulations clarify that acts of transferring or converting proceeds and gains from crime through "virtual asset" transactions or financial asset exchanges can be recognized as money laundering crimes. Judicial authorities will impose heavier and stricter punishments on money laundering offenses, intensifying efforts to combat money laundering using virtual assets.
The announcement calls for strengthened cooperation among public security, procuratorial, judicial, and financial regulatory agencies to improve law enforcement and judicial coordination mechanisms. The public is reminded to remain vigilant and avoid falling into money laundering traps for small gains.
