Crack Down on Money Laundering through Cryptocurrency and Underground Banks
During a recent press conference, Wang Bin, head of the Third Criminal Division of the Supreme People's Court, announced that courts will intensify efforts against crimes involving money laundering via cryptocurrency and underground financial systems.
The crackdown will focus on key figures in criminal organizations, telecom fraud financiers, and those who organize illegal border crossings. Courts will also take strict actions against violent crimes committed during telecom fraud activities.
Strengthen Legal Deterrence and Safeguard Financial Security
Wang emphasized that with the rise of digital currencies, criminals are increasingly exploiting their anonymity for illicit activities. Judicial authorities will implement stricter measures to safeguard financial systems and social stability.
- Targets include organizers of cross-border fraud and human smugglers
- Violent crimes such as kidnapping and assault linked to fraud will face harsh penalties
- Enhanced international cooperation to cut off cross-border illicit financial flows