Beijing courts committed to money laundering fight

Beijing courts have pledged to strengthen their fight against money laundering, as methods of committing such crimes become more diverse and a greater number of well-educated young offenders get involved.

The Beijing High People’s Court said it also wanted to ensure market order and financial security can be guaranteed by rule of law. The pledge was made as the court released a review of judicial efforts over recent years in fighting money laundering.

Data released by the court showed that the capital’s courts solved 40 such cases from the beginning of 2021 to the end of October this year, with punishments imposed on 44 people.

Although the number of money laundering cases was not big, some new trends had emerged, meaning that the fight against the crime should not slacken, the court said.

“For example, the criminals are getting younger, and the major method of money laundering has moved to internet platforms,” Sun Lingling, vice-president of the court, told a news conference.

Of the offenders, 26 were under the age of 40, with the youngest aged just 24, she said.

About 60 percent of them were well-educated and more than half served as executives or employees of State-owned enterprises or companies, Sun added.

She also pointed out that with the rapid development of information technology and innovation in the financial field, the methods of money laundering have also become more diverse and sophisticated.

“Previously, purchasing real estate or converting assets into cash were often seen in money laundering cases. But nowadays, the more frequent way to transfer illicit gains is through various internet platforms,” she added.

In one case, for instance, an offender surnamed Fang was discovered to have helped others legitimize illegally obtained funds via an online system — national equities exchanges and quotations.

Considering money laundering is also used in the committing of other crimes, Sun required judges to pay more attention to dealing with cases related to corruption, bribery, financial fraud, illicit drugs and smuggling.

“If money laundering clues are found in such cases, it will be essential for us to advise further prosecution,” she said.

She also called for setting up a channel to quickly seek information about bank accounts, third-party platforms and digital currency transactions involving money laundering, so as to improve the efficiency of case handling.

“Residents should avoid renting or lending their identity or bank cards to others, and also refrain from using their own online accounts to transfer money or withdraw cash for others,” she said. (China Daily)