Supreme People’s Procuratorate said there has been a 20-fold increase in people prosecuted for money laundering since 2019.
China’s Supreme Court and public prosecutor have revised their interpretation of the country’s Anti-Money Laundering (AML) laws — now recognizing “virtual asset” transactions for the first time.
The country adopted its current Anti-Money Laundering Law on Jan. 1, 2007, making the latest revision its first significant update in almost two decades.
In an Aug. 19 conference, the Supreme People’s Court and the Supreme People’s Procuratorate said under their new interpretation of the law, “virtual asset” transactions are now listed as one of the recognized money laundering methods.
It comes amid recent speculation on X that the country could be looking to unban crypto soon — though many more are skeptical about it.
China’s Anti-Money Laundering laws have been revised by the Supreme Court and public prosecutor. Source: Supreme People’s Procuratorate
