China Introduces Tough New Regulations on Money Laundering and Virtual Assets
As of August 20, 2024, China has introduced robust new regulations targeting money laundering, with a strong emphasis on virtual assets.
The updated legal framework aims to close gaps in existing laws and address the growing use of digital currencies in illicit activities.
The revised guidelines categorize transactions involving virtual assets as methods to obscure criminal funds. They set specific thresholds for serious offenses, such as laundering more than 5 million yuan or causing losses over 2.5 million yuan. This is part of China’s broader effort to enhance financial crime prevention.
China has markedly increased its money laundering prosecutions, with nearly 3,000 cases in 2023, a significant rise from previous years.
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In the first half of 2024, prosecutions surged by 28.4%. The Supreme People’s Procuratorate, in collaboration with other agencies, has been pivotal in this crackdown, refining legal definitions and penalties to improve enforcement.
The new regulations also detail various money laundering tactics and stipulate fines and potential leniencies, aiming to bolster the legal system’s ability to tackle financial crimes effectively.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
