Supreme Court: The next step will focus on cracking down on crimes related to "money laundering" using virtual currencies and underground banks
2026-02-26 12:58:52
According to the Shanghai Securities Journal, Wang Bin, the head of the Third Criminal Division of the Supreme People's Court, stated at a press conference on "The People's Court's Work on Punishing Telecom and Network Fraud and Property Crimes According to Law" that the next step will focus on cracking down on key figures and core members of criminal groups, "financial backers" of telecom fraud, "snakeheads" organizing illegal immigration, and organizations providing armed protection for cross-border fraud crimes, as well as violent crimes such as intentional homicide, intentional injury, and kidnapping committed during telecom fraud, and related crimes such as "money laundering" using virtual currencies and underground banks.
Wang Bin also stated that the people's courts will legally strengthen the application of property penalties against telecom fraud criminals, preventing them from benefiting economically. They will guide those involved in "two-card" assistance and concealment of criminals to voluntarily compensate victims, consider the return of stolen goods and compensation as mitigating factors in sentencing for confession and remorse, and impose strict penalties according to law on criminals who have the ability but refuse to return stolen goods or compensate victims.
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