Chinese Courts Cracking down on Financial Crimes

Chinese courts have been intensifying the fight against financial crime.

Chinese courts nationwide will hand down heavier punishments for illegal funding, money laundering, the manipulation of securities or futures markets and insider trading.According to Ma Yan, chief judge of the No 3 Criminal Division with the Supreme People's Court,A few legal interpretations and guidelines, such as those regarding money laundering, loan fraud and insider trading, will also be made or amended as quickly as possible.

Chinese judges will work with prosecutors and financial supervision departments to combat financial crime and increase efforts to prevent financial risk.

In the last five years, courts across the country have wrapped up 60,200 cases involving illegal funding, with more than 100,000 people punished, according to figures released by the Supreme People's Court.They have also dealt with 1,154 cases of money laundering and 229 cases involving the manipulation of securities or futures markets, and insider trading.