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China’s Top Prosecutor Targets Crypto Crimes in Financial Security Push

At a national meeting, China’s Supreme Procuratorate vowed tougher action on crypto-related laundering, illegal finance, and smuggling threats to bolster economic security.

Summary

China’s Supreme People’s Procuratorate, at the national procurators meeting in Beijing, pledged to strengthen measures safeguarding economic and financial security. Plans include imposing severe penalties for smuggling strategic minerals, cracking down on illegal financial activities, and intensifying anti–money laundering enforcement. Targets include underground banks and cryptocurrency-based laundering schemes, alongside broader efforts to curb illicit finance.

Terms & Concepts
  • Money Laundering: The process of concealing the origins of illegally obtained money, often by passing it through complex transactions or legitimate businesses.
  • Capital Market: A marketplace where buyers and sellers engage in the trade of financial securities, including stocks and bonds, often regulated to ensure fairness.
  • Cryptocurrency-based laundering: The use of digital currencies to disguise the origins of illicit funds, often involving unregulated exchanges or blockchain transactions.