China’s Supreme People’s Procuratorate has emphasized the need to enforce the updated Anti-Money Laundering (AML) Law. The law targets financial crimes involving virtual currencies to enhance national security and prevent illicit activities.
Prosecutor-General Ying Yong Leads AML Study Session
Procurator-General Ying Yong led a key study session, outlining the importance of fighting money laundering in the digital currency sector. He urged for coordinated efforts across agencies to ensure the effective implementation of the new legal provisions. Ying also highlighted the need for prosecutorial bodies to address emerging risks from financial technologies.
New Anti-Money Laundering Law Takes Effect in January 2025
The revised Anti-Money Laundering Law, introduced in November 2024, will become effective in January 2025. The law broadens the scope of predicate offenses for money laundering to include cryptocurrency transactions.
Ying stated that anti-money laundering is a shared responsibility both internationally and domestically. He emphasized that it is crucial for national security and the modernization of China’s governance systems. Ying further stated that the revision of the AML Law strengthens the legal framework and improves foreign-related legislation, which will help safeguard financial, economic, and national security.
Expert Insights on the Law’s Revision
Professor Wang Xin from Peking University provided valuable insights into the revision process. He discussed key aspects of the law’s updates, offering suggestions for prosecutorial organs to interpret and apply the new provisions accurately.
Shenzhen Court Rules on Cryptocurrency Wage Payments
In a related development, a Chinese court in Shenzhen ruled against the use of cryptocurrency for wage payments. The case involved Zhou, a senior engineer, who claimed his employer agreed to pay part of his salary in USDT. However, the court found insufficient evidence to support his claims and reinforced that wages must be paid in legal tender, in line with national labor laws.
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