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Smuggling and Drug-Related Offences Can Fuel Money Laundering
In Beijing, China, the Chinese Criminal Code has identified various offences that can generate illegal proceeds and gains, including smuggling, trafficking, transporting or manufacturing opium. These drug-related offences can produce vast sums of money, which can then be laundered through various means.
Other Sources of Illegal Cash
In addition to these drug-related offences, other criminal activities such as robbery, theft, and fraud can also generate large amounts of illegal cash. This illegal money must then be “washed” or laundered to make it appear legitimate, in order to avoid detection by law enforcement agencies.
Common Methods of Money Laundering
The Chinese authorities have identified five methods that are commonly used to launder illegally obtained funds:
- Opening a new bank account and depositing the illegal proceeds
- Using an existing bank account to conceal the source of the funds
- Transferring funds abroad
- Investing in legitimate businesses or assets, such as real estate or stocks
- Using other means to conceal the nature and source of the illegally obtained funds
Complexity of Money Laundering Activities
In practice, money laundering activities often involve multiple methods being used in a single transaction. This can make it increasingly difficult for investigative agencies to trace the illegal proceeds back to their original source. The more complicated the circulation of illegal funds is, the greater the likelihood that those involved will be able to escape punishment.
Liability and Subjective Aspect
The subject of an offence of money laundering can be either an individual or a corporate entity. Any company, enterprise, institution, state organ, or organization that commits this offence will bear criminal responsibility. Individuals who commit money laundering offences must also have reached the age of 16 and possess criminal capacity.
The subjective aspect of money laundering is characterized by direct intent, meaning that the perpetrator must intend to conceal or disguise the source of their illegal funds. Indirect intention or a lack of knowledge about the consequences of one’s actions does not constitute an offence of money laundering.
Combating Money Laundering
The Chinese authorities are working to combat money laundering and other financial crimes, but the complexity of these activities and the ease with which they can be committed make it a significant challenge for law enforcement agencies.