China’s Supreme People’s Procuratorate has emphasized strict enforcement of the revised Anti-Money Laundering Law, focusing on virtual currencies and financial crimes to safeguard national security.
The directive was highlighted during a study session led by Procurator-General Ying Yong, according to a statement published on the Supreme People’s Procuratorate website.
Ying stressed the importance of combating money laundering involving digital currencies and coordinating efforts across agencies to enforce the updated legal provisions effectively. He also underscored the need for prosecutorial organs to address emerging financial technology risks.
China’s New AML Law Effective Starting January 2025
The revised Anti-Money Laundering Law, introduced in November 2024 and set to take effect in January 2025, expands the scope of predicate offenses for money laundering to include crypto transactions.
“Anti-money laundering is a shared responsibility at both the international and domestic levels. It concerns national security and the modernization of the country’s governance system and governance capacity,” said Ying.
“The revision of the Anti-Money Laundering Law is a critical measure to strengthen financial rule of law and improve legislation in foreign-related fields. Procuratorial organs must recognize its significance from the perspective of safeguarding financial security, economic security, and national security,” added Ying.
According to the statement Professor Wang Xin from Peking University outlined key aspects of the law’s revision process aimed at addressing these issues. He also offered recommendations for procuratorial organs to accurately interpret and apply the revised law in their supervision.
Chinese Court Rules Against Using Crypto for Wage Payments
A Chinese court in Shenzhen recently ruled that crypto cannot be used as a form of wage payment, addressing a labor dispute involving claims of unpaid wages in USDT. The decision reinforced that wages must be paid in legal tender as required by national labor laws.
The case involved Zhou, a senior engineer, who alleged that his employer agreed to pay 25,000 yuan of his monthly salary in USDT, alongside 20,000 yuan via bank transfer. The employer denied any such agreement, and the court found insufficient evidence to support Zhou’s claims.
The post China’s Supreme Procuratorate Outlines Crypto Focus in New AML Law appeared first on Cryptonews.