latest news China’s Ministry of Public Security (MPS) on Thursday announced the results of a large-scale crackdown on dark- and gray- criminal networks in the financial sector involving a total of nearly 30 billion yuan ($4.26 billion), a campaign that has effectively helped clean up the country’s financial market environment.

The results were released at a press conference held by the MPS. The ministry outlined the progress of a joint campaign with the National Financial Regulatory Administration (NFRA) to combat organized illegal activities in the financial sector, according to China Media Group (CMG).

From June to November this year, MPS together with the National Financial Regulatory Administration (NFRA), launched a six-month campaign across 17 key provinces and cities to crack down on organized dark- and gray- criminal activities in the financial sector.

Since the campaign began, public security authorities nationwide have carried out nearly 60 coordinated enforcement actions, filing and investigating more than 1,500 financial crime cases, dismantling over 200 professional criminal gangs, and uncovering illegal activities involving a combined value of nearly 30 billion yuan, per CMG.

The efforts have significantly improved the financial market environment, safeguarded the order and security of the country’s financial system, and effectively protected the legitimate rights and interests of financial consumers.

Global Times