Financial Crime World

China’s Prosecutors Step Up Efforts Against Financial Crimes

In recent years, Chinese prosecutors have been working diligently to combat financial crimes in the country. According to Senior Prosecutor Zheng Xinjian of the Supreme People’s Procuratorate (SPP), efforts against these crimes have intensified over the past year.

The number of suspects charged with securities and futures-related crimes has seen a significant surge, increasing by 90.1 percent year-on-year to 211 in the first 11 months of 2021. The establishment of an SPP office within the China Securities Regulatory Commission (CSRC) has played a crucial role in facilitating this crackdown.

Benefits of the SPP Office

  • Enhanced cooperation: The SPP office has improved coordination among prosecutors, securities regulators, and police.
  • Better instruction and supervision: Local prosecuting agencies now receive more effective guidance and oversight from the SPP office.

Crackdown on Illegal Fundraising Activities

Prosecutors have maintained high pressure on illegal fundraising activities throughout 2021. Notable statistics include:

  • Over 20,000 suspects indicted for illegally raising funds from the public in the first 11 months of the year.
  • Around 1,800 suspects indicted for fundraising fraud.

Increased Focus on Money Laundering Cases

The number of money laundering cases filed by prosecutors nationwide from January to November 2021 increased by 117 percent year-on-year. This demonstrates China’s commitment to maintaining a secure and stable capital market.