China's Supreme Court: Next, efforts will focus on cracking down on money laundering-related crimes using cryptocurrency and underground banks

On Feb. 26, Wang Bin—President of the Third Criminal Division of China’s Supreme People’s Court—stated at a press conference on the courts’ work in lawfully cracking down on telecom and internet financial fraud and property-related crimes that the courts will next focus on targeting key criminal groups and associated offenses. This includes leaders and core members of criminal groups, telecom fraud “financiers,” snakeheads organizing illegal immigration, groups providing armed protection for cross-border telecom fraud, violent crimes tied to fraud (intentional homicide, injury, kidnapping), and money laundering via virtual currencies or underground banks. Wang also noted the courts will step up property penalties against telecom fraudsters to cut off their economic gains. They will guide participants in “card fraud” to voluntarily compensate victims and disclose crimes, with return of proceeds and compensation considered in leniency for confessions and remorse. Those capable but refusing to return funds or compensate will face strict punishment. (Source: Shanghai Securities News)