ChainCatcher reported that according to the WeChat official account of the Supreme People's Procuratorate, on the morning of August 19, the Supreme People's Court and the Supreme People's Procuratorate jointly held a press conference to release the "Interpretation on Several Issues Concerning the Application of Law in Handling Criminal Cases of Money Laundering" (hereinafter referred to as the "Interpretation"). The "Interpretation" will come into effect on August 20, 2024.
The Interpretation has 13 articles, and its main contents include: First, it clarifies the identification standards for the crimes of "self-laundering" and "money laundering by others", as well as the review and identification standards for the subjective understanding of the crime of "money laundering by others". Second, it clarifies the identification standards for "serious circumstances" of money laundering. Third, it clarifies the seven specific circumstances of "covering up and concealing the source and nature of the proceeds of crime and its proceeds by other means". Fourth, it clarifies the principle of concurrent punishment for the crime of money laundering and the crime of covering up and concealing the proceeds of crime and the proceeds of crime. Fifth, it clarifies the standard for the amount of fines. Sixth, it clarifies the standard for lenient punishment.
The "Interpretation" clearly states that if the amount of money laundering is more than 5 million yuan and the money laundering behavior is carried out multiple times; if the person refuses to cooperate with the recovery of property, resulting in the inability to recover the stolen money and property; causes losses of more than 2.5 million yuan; or causes one of the other serious consequences, it shall be deemed as "serious circumstances."
The Interpretation lists "virtual asset" transactions as one of the ways of money laundering. It is clear that the transfer and conversion of criminal proceeds and their benefits through "virtual asset" transactions and financial asset exchanges can be identified as "covering up and concealing the source and nature of criminal proceeds and their benefits by other means" as stipulated in Article 191, Paragraph 1, Item 5 of the Criminal Law.
The "Interpretation of the Supreme People's Court and the Supreme People's Procuratorate on Several Issues Concerning the Application of Law in Handling Criminal Cases of Money Laundering" was adopted at the 1880th meeting of the Judicial Committee of the Supreme People's Court on March 20, 2023 and at the 28th meeting of the 14th Procuratorial Committee of the Supreme People's Procuratorate on March 29, 2024. It is hereby promulgated and will come into effect on August 20, 2024.
