The "Two Highs" have released the latest judicial interpretation: trading through "virtual assets" will be classified as one of the methods of money laundering

ChainCatcher news, according to the WeChat official account of the Supreme People's Procuratorate, on the morning of August 19, the Supreme People's Court and the Supreme People's Procuratorate jointly held a press conference to release the "Interpretation on Several Issues Concerning the Application of Law in Handling Criminal Cases of Money Laundering" (hereinafter referred to as the "Interpretation"). The "Interpretation" will come into effect on August 20, 2024.

The "Interpretation" consists of 13 articles, and the main contents include: First, it clarifies the identification standards for "self-money laundering" and "third-party money laundering" crimes, as well as the review and identification standards for the subjective awareness of "third-party money laundering" crimes. Second, it clarifies the identification standards for "serious circumstances" of money laundering crimes. Third, it specifies seven specific situations for "concealing or disguising the source and nature of criminal proceeds and their gains by other means." Fourth, it clarifies the principles of concurrent punishment for money laundering crimes and crimes of concealing or disguising criminal proceeds and their gains. Fifth, it clarifies the standards for the amount of fines. Sixth, it specifies the standards for lenient punishment.

The "Interpretation" specifies that if the amount of money laundering exceeds five million yuan and involves multiple acts of money laundering; if there is refusal to cooperate in the recovery of property, resulting in the inability to recover illicit funds and goods; if it causes losses of over two hundred fifty thousand yuan; or if it causes any of the other serious consequences, it should be recognized as "serious circumstances."

The "Interpretation" lists transactions involving "virtual assets" as one of the methods of money laundering. It clarifies that transferring or converting criminal proceeds and their gains through "virtual asset" transactions or financial asset exchanges can be recognized as "concealing or disguising the source and nature of criminal proceeds and their gains by other means" as stipulated in Article 191, Paragraph 1, Item 5 of the Criminal Law.

The "Interpretation on Several Issues Concerning the Application of Law in Handling Criminal Cases of Money Laundering" was adopted at the 1880th meeting of the Judicial Committee of the Supreme People's Court on March 20, 2023, and at the 28th meeting of the 14th Procuratorial Committee of the Supreme People's Procuratorate on March 29, 2024. It is now published and will come into effect on August 20, 2024.