China sees drop in financial crimes, yet high incidence persists

BEIJING, Dec. 28 (Xinhua) -- China has witnessed a decrease in financial crimes amid a heightened crackdown, yet a high incidence continues to persist, according to the Supreme People's Procuratorate (SPP).

From January to November 2023, procuratorial authorities nationwide approved the arrest of 11,060 individuals suspected of disrupting financial management order and engaging in financial fraud. Prosecutions were initiated against 22,529 suspects, down 10 percent year on year, showed figures released by the SPP at a press conference on Thursday.

A total of 15,590 individuals were prosecuted for crimes involving illegal absorption of public deposits and fundraising fraud during the same period, marking a 5.6 percent year-on-year decline, the SPP said.

The figures showed that 2,301 individuals were prosecuted for money laundering crimes in the first 11 months of 2023, a 10 percent year-on-year increase.

Money laundering, illicit fund payments and settlements, and unlawful foreign exchange trading cases are on the rise, said Zhang Xiaojin, an official with the SPP.

The utilization of virtual currency transactions has emerged as a new means for cross-border fund transfers, Zhang added.