Supreme Court: The next step will focus on cracking down on crimes related to the use of virtual currencies, underground banks, and "money laundering" activities.

Deep Tide TechFlow News, February 26 — According to Shanghai Securities News, Wang Bin, the head of the Criminal Third Division of the Supreme People’s Court, stated at a press conference held by the Supreme Court on the “Work Situation of the People’s Courts in Punishing Telecom and Online Fraud and Property Crimes” that moving forward, courts will focus on cracking down on key figures in criminal groups, core members, the “money men” behind telecom fraud, “snakeheads” organizing illegal crossings, organizations providing armed protection for cross-border telecom fraud crimes, as well as violent crimes such as intentional homicide, intentional injury, kidnapping, and related crimes involving virtual currencies and underground banks used for “money laundering” during telecom fraud cases.

Wang Bin also said that the people’s courts will依法 increase the application of property penalties against telecom fraud offenders to prevent them from profiting financially, guide involved “two-card” helpers and concealment personnel to voluntarily compensate victims, and consider returning stolen property and compensation as factors for leniency and remorse in sentencing. For offenders capable of returning stolen property but refusing to do so, strict punishment will be enforced according to law.