Supreme People's Court of China: Next steps will focus on cracking down on key areas such as money laundering through virtual currency and underground banks

BlockBeats News, February 26th. Wang Bin, Chief Justice of the Third Criminal Division of the Supreme People's Court of China, stated at the "People's Court's Work on Lawfully Punishing Telecom and Internet Financial Fraud and Property-related Crimes" press conference held by the Supreme Court on February 26th that, next, the court will focus its efforts on cracking down on key crime group leaders, core members, the "financial backers" of telecom fraud, the organizers of illegal border crossings ("snakeheads") that provide armed protection for cross-border telecom fraud, as well as violent crimes such as intentional homicide, intentional injury, kidnapping during telecom fraud, and related crimes such as using virtual currency and underground banks for money laundering.

Wang Bin also stated that the People's Court will lawfully increase the intensity of confiscation and forfeiture of assets from telecom fraudsters, preventing criminals from benefiting economically, guiding those involved in "two-card" fraud to voluntarily compensate victims and concealing criminal personnel, considering the return of proceeds and compensation as a factor in sentencing leniency for confession, repentance, while taking strict legal measures against criminals who are capable but refuse to return proceeds and compensate victims. (Shanghai Securities News)