Chinese criminal law concerning money laundering

Abstract

Traces the evolution of criminal law against money laundering to the UN Convention Against Illicit Traffic in Drugs and Psychotropic Substances 1988, which required member countries to stipulate a domestic offence of concealing drug trafficking proceeds; this was ratified in China and followed by the Decision on Suppressing Drug Dealing 1990. Outlines subsequent Amendments of the Chinese Criminal Code which from 1997 have expanded money laundering control; the predicate offences cover smuggling, organised crime, terrorism and drug‐related crime, and sentences have been increased. Explains the principles behind this legislation, including the concept of scienter as the mens rea, ie the obligation to know that money has originated from a predicate offence, and the five types of money laundering behaviour under the Code; punishments involve loss of freedom, fines, and confiscation of illegal gains.

Citation

Ping, H. (2003), "Chinese criminal law concerning money laundering", Journal of Money Laundering Control, Vol. 6 No. 4, pp. 337-343. https://doi.org/10.1108/13685200310809653