China's Supreme People's Court and the Supreme People's Procuratorate jointly issued an explanation on several issues regarding the application of laws in handling money laundering criminal cases on Aug. 19, which listed the transaction of virtual assets as one of the money laundering methods, according to Xinhua News Agency.
According to the Court, with the extensive application of Internet technology, money laundering techniques are constantly being upgraded, and virtual coins, game coins, and live-streaming rewards have become new types of money laundering carriers and methods, which have put forward new and higher requirements for combating money laundering crimes.
In this regard, the judicial interpretation clarified seven specific situations in the Criminal Law of "covering up or concealing by any other means the nature or source of the illegally obtained proceeds and the gains derived therefrom", which include transferring or exchanging criminal proceeds and their gains through the trading of "virtual assets" and the exchange of financial assets, etc.
At the same time, the Judicial Interpretation clarifies the criteria for recognizing "self-laundering" and other laundering crimes. The judicial interpretation also clarifies that money laundering of an amount of more than RMB5 million and repeated money laundering acts, refusal to cooperate in the recovery of property, making it impossible to recover the stolen money and goods, causing a loss of more than 2.5 million RMB, or causing other serious consequences, should be recognized as serious circumstances.
According to the data of the Court, since the relevant departments jointly launched the nationwide three-year campaign to combat money laundering (2022-2024), the courts nationwide have concluded 2,406 criminal cases of money laundering in the first instance with 2,978 persons, and 349 cases with 573 persons were concluded from January to June this year. According to incomplete statistics, among the money laundering cases concluded at first instance from 2022 to 2023, the upstream crimes of money laundering were mainly concentrated in drug, corruption, bribery and finance, accounting for more than 80 percent of the cases.
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