China's Supreme Court: Next, efforts will focus on cracking down on money laundering-related crimes using cryptocurrency and underground banks

BlockBeats News, February 26th – Wang Bin, President of the Third Criminal Division of the Supreme People's Court of China, stated at the press conference on the work of the "People's Courts' Lawful Punishment of Telecom and Internet Financial Fraud and Property-related Crimes" held by the Supreme Court on February 26th that, next, the courts will focus on cracking down on key criminal group leaders, core members, the "financiers" behind telecom fraud, the "snakeheads" organizing illegal immigration, organizations providing armed protection for cross-border telecom fraud, as well as violent crimes such as intentional homicide, intentional injury, kidnapping during telecom fraud, and associated crimes such as using virtual currency and underground banks for money laundering.

Wang Bin also stated that the people's courts will lawfully intensify the application of property penalties to telecom fraudsters, preventing criminals from benefiting economically, guiding those involved in "card fraud" to voluntarily compensate victims and concealing crime, considering the return of proceeds and compensation as a factor for confession, repentance, and lighter sentencing, and strictly punishing criminals who are capable but refuse to return proceeds and compensate victims. (Shanghai Securities News)