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Source: Xinhua News Agency

The judicial interpretation of the Supreme People's Court and the Supreme People's Procuratorate clearly lists "virtual asset" transactions as a method of money laundering

The Supreme People's Court and the Supreme People's Procuratorate jointly issued an interpretation on several issues concerning the application of law in handling criminal cases of money laundering on the 19th.in "Virtual asset" transactions will be clearly listed as a method 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, "points running 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 seven specific circumstances in the Criminal Law of "using other methods to conceal or conceal the source and nature of criminal proceeds and their proceeds", including transferring and converting criminal proceeds and their proceeds through "virtual asset" transactions and financial asset exchanges.

At the same time, the judicial interpretation clarifies the identification standards for the crimes of "self-laundering" and "money laundering by others", as well as the examination and identification standards for the subjective understanding of the crime of "money laundering by others".The judicial interpretation also makes it clear that if the amount of money laundering is more than 5 million yuan and the money laundering behavior is carried out multiple times; if the person refuses to cooperate with the recovery of property, resulting in the inability to recover the stolen money and property; causes losses of more than 2.5 million yuan; or causes one of other serious consequences, it shall be deemed as "serious circumstances."

According to the data from the Supreme People's Court, since the relevant departments jointly launched the three-year action plan to combat money laundering crimes (2022-2024) across the country, courts across the country have concluded 2,406 money laundering criminal cases involving 2,978 people at first instance, and 349 cases involving 573 people from January to June this year. According to incomplete statistics, among the money laundering cases concluded at first instance from 2022 to 2023, the upstream crimes of money laundering were mainly concentrated in drug crimes, corruption and bribery crimes, and financial crimes, accounting for more than 80%.

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 intensify the crackdown on money laundering crimes involving underground banks, using virtual currency, game currency, etc. "Self-laundering" crimes will be punished in accordance with the law. The intensity of sentencing and execution of fines will be increased, and the illegal gains of money launderers will be recovered in accordance with the law, so that no one will be allowed to illegally profit from criminal acts. At the same time, the criminal policy of combining leniency with severity will be implemented in earnest, and different situations and treatments will be differentiated to ensure the best political, social and legal effects.

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