The Supreme People’s Court of the People’s Republic of China (SPC) has reworked its interpretation of the region’s AML laws to include virtual asset transactions.
As part of a conference that underlined the new interpretation of the law, the Supreme People’s Court and the Supreme People’s Procuratorate recognised virtual asset transactions as money laundering methods. The regulators’ decision follows an announcement from January 2024, when China mentioned its plans to make major amendments to its Anti-Money Laundering (AML) laws and include cryptocurrency-related transactions. In addition, the region’s current revisions to the AML regulation represent the first substantial alterations since 2007, when it adopted its existing AML law.
What did China include in the new AML law?
The updated AML regulation underlines that the transfer and conversion of criminal proceeds via digital transactions are set to be covered under regulations that ban covering up the source and nature of criminal activities and their benefits by other means. Moreover, if individuals break the law, regulators intend to impose penalties ranging from a minimum of USD 1,400 to USD 28,000 for more severe offences. At the same time, criminals could face jail terms of between five and 10 years.
Furthermore, other revisions to the AML law include more specific guidelines around serious circumstances in money laundering cases, including refusal to cooperate with authorities or if the amount being laundered exceeds USD 700,000.
China’s crypto landscape
At the time of the announcement, there were discussions regarding China’s possible decision to reverse its cryptocurrency prohibition, with the country being likely to unban Bitcoin by the end of 2024, as detailed by Cointelegraph. China first banned crypto exchanges in 2017 followed by an interdepartmental crackdown on crypto in 2021.
The current news comes shortly after Chinese authorities dismantled a crypto exchange fraud system and captured assets worth nearly USD 300 million. In addition, the operation resulted in the detention of six individuals and targeted a clandestine financial network that leveraged virtual currency for illicit trading, more specifically between RMB and the Korean Won.
Audit teams use advanced algorithms and risk analysis to conduct lifestyle audits and identify taxpayers suspected of concealing undeclared income.Greek tax authorities have launched a new round of
The STEP Diploma is the benchmark qualification for those working in the field of trusts and/or estates. It is designed and delivered by practitioners, for practitioners, and is recognised and respected
Recently enacted Internal Revenue Service initiatives recovered $4.7 billion in funds from illegal schemes and criminal practices, officials said in a Thursday statement. Nearly $3 billion came from
Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technologies and CEO of ADNOC, emphasized the importance of securing adequate climate finance to implement the UAE consensus during the