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The number of individuals punished in China for money laundering has increased by 142.5% since 2021.
According to data issued by the Supreme People's Procuratorate (SPP), 1,462 individuals were prosecuted for money laundering between January and September of this year.
Zhang Xiaojin, the chairman of the SPP's fourth procuratorial office, told China Daily that the organisation has steadily increased the penalties for money laundering over the past few years.
He continued, “We have also stepped up efforts in handling crimes related to money laundering, combining this with other ongoing operations such as fighting drugs, embezzlement, bribery and fraud.”
The SPP representative disclosed that the office has enhanced coordination with the People's Bank of China in order to develop new action plans to combat dirty money.
He stated that the SPP would “promptly study and solve new issues that emerge while handling money laundering cases and work with other departments to create synergy on combating the crime.”
AML Intelligence reported earlier this year that China had created a three-year action plan to combat money laundering in the country, with the country's Central Bank, Ministry of Public Security, and State Administration of Banking working together.
In a statement, the People's Bank of China described the current state of combating dirty money as "grim."
The three-year plan requires “all departments to improve their political standing, strengthen organisational leadership, publicity and training and implement work responsibilities from the aspects of revising the anti-money laundering law and relevant judicial interpretations on handling criminal cases of money laundering.”
By fLEXI tEAM