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The current criminals' money laundering methods are becoming increasingly diversified and intelligent, said Beijing High People's Court (BHPC), emphasizing that the public should not assist criminals launder money for the sake of small gains, media reported on Tuesday.

The BHPC on Wednesday held a press conference to provide an overview of efforts made by Beijing courts to combat money laundering crimes since 2021.

From 2021 to October 31, 2023, Beijing courts have issued verdicts on 40 cases involving money laundering, with a total of 44 individuals involved, and one case was decided on appeal. Although the number of money laundering cases has been increasing in the past three years, the overall number of cases remains relatively low.

According to the BHPC, most of the defendants involved in these cases are young and capable of using specialized methods, with a generally high level of education. Those below the age of 40 account for 60 percent of those prosecuted, so do those with a college education or above.

The types of predicate offence associated with money laundering are mainly corruption and bribery crimes, accounting for 50 percent, and crimes that disrupt financial management order, accounting for 27.5 percent. Other predicate offences include financial fraud and drug crimes.

The BHPC noted that money laundering is becoming more masked from authorities, which makes it difficult for law enforcement to effectively trace and identify the source, nature, and destination of funds, according to Sun Lingling, deputy head of the BHPC.

In order to evade supervision, some criminals take advantage of the weak legal awareness or the desire for small profits of the public to induce them to help complete the money laundering process, according to Sun, meaning that more people are involved in money laundering crimes than in the past.

Facing the changing nature of money laundering crimes, Beijing courts will confiscate the illegal gains of money laundering perpetrators in accordance with the law, ensuring that no one benefits from criminal activities, and will increase economic penalties.

Given the intelligent means of money laundering, Beijing courts will gradually promote cross-departmental collaboration, and the establishment of fast query channels for bank account transactions, third-party payments, and digital RMB transactions in cases involving money laundering crimes.

Additionally, courts will strengthen public awareness of anti-money laundering laws, better guiding regulatory authorities on management of loopholes and hidden risks for financial institutions, non-bank payment institutions, and other anti-money laundering obligated entities.

Global Times