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The Supreme Court of China recognized transactions with "virtual assets" as one of the methods of money laundering and enshrined this in the relevant law. This is reported by local media.
The transfer and conversion of proceeds of crime through digital transactions is now subject to provisions prohibiting "concealment of the source and nature of the proceeds of crime, as well as other benefits."
Violators face a fine of 10,000 to 200,000 yuan ($1400-28,000), or imprisonment for five to ten years. Serious circumstances of the offenses include refusal to cooperate with the authorities and laundering over 5 million yuan ($700,000).
According to the Supreme People's Procuratorate, from 2019 to 2023, the number of those convicted under AML law increased 20 times and exceeded 2900 people.
The current update was the first significant amendment to the regulation in force since 2007.
The measures taken by the authorities throughout 2021 to tighten policies regarding cryptocurrencies and mining led to their de facto ban in the country. Many companies in the industry have ceased operations in China. Traders in digital assets face fines and even imprisonment.
The transfer and conversion of proceeds of crime through digital transactions is now subject to provisions prohibiting "concealment of the source and nature of the proceeds of crime, as well as other benefits."
Violators face a fine of 10,000 to 200,000 yuan ($1400-28,000), or imprisonment for five to ten years. Serious circumstances of the offenses include refusal to cooperate with the authorities and laundering over 5 million yuan ($700,000).
According to the Supreme People's Procuratorate, from 2019 to 2023, the number of those convicted under AML law increased 20 times and exceeded 2900 people.
The current update was the first significant amendment to the regulation in force since 2007.
The measures taken by the authorities throughout 2021 to tighten policies regarding cryptocurrencies and mining led to their de facto ban in the country. Many companies in the industry have ceased operations in China. Traders in digital assets face fines and even imprisonment.
