The Supreme People's Court and the Supreme People's Procuratorate issued the latest judicial interpretation: "virtual asset" transactions are listed as one of the methods of money laundering

Odaily News 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 Laws in Handling Criminal Cases of Money Laundering" (hereinafter referred to as the "Interpretation"). The "Interpretation" will come into effect on August 20, 2024. It has a total of 13 articles, and its main contents include: 1. Clarify 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". 2. Clarify the identification standards for "serious circumstances" of money laundering crimes. 3. Clarify the seven specific circumstances of "covering up and concealing the source and nature of criminal proceeds and their proceeds by other methods". 4. Clarify the principle of concurrent punishment for the crime of money laundering and the crime of concealing and concealing criminal proceeds and the crime of proceeds from criminal proceeds. 5. Clarify the standard for the amount of fines. 6. Clarify the standard for lenient punishment. 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 proceeds through "virtual asset" transactions and financial asset exchanges can be deemed as "covering up and concealing the source and nature of criminal proceeds and their proceeds by other means" as stipulated in Article 191, paragraph 1, item 5 of the Criminal Law.