China is in the process of adapting its regulatory framework to address money laundering risks. The Standing Committee of the National People’s Congress, China’s highest legislative institution, is slated to add new provisions targeting money laundering crimes associated with tech-based new money and cryptocurrency.

According to SCMP, the new revision redefines the money laundering crime adding seven types of predicate offenses to the law, that link these illicit operations with complex criminal activity and organized crime.

The changes would update Chinese regulations to align with international standards, and help Chinese authorities to increase the pressure on criminals using these tools for their money laundering activities.

China has been against using cryptocurrency as legal tender and prohibits its circulation in national markets.

Wang Xiang, spokesman for the Legislative Affairs Commission of the Standing Committee, recognized that tech advancements have made the task of surveilling money laundering activities more difficult. He stated:

The rapid development of new technologies and business forms has increased the difficulty of detecting and investigating money-laundering activities.

The new revision will include provisions for the central bank to issue specific guidelines for other institutions to follow and monitor these risks.

The move resonates with what other Chinese state institutions are doing to address these crypto money laundering risks. Last month, the Supreme People’s Court of China, the highest court of law in the country, and the Supreme People’s Procuratorate issued a joint document where cryptocurrency transactions through exchanges are listed as one of the tools used for criminals to conceal or hide “the source and nature of the proceeds of the crime and the proceeds by other means.”

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