People's Bank of China to Intensify Crackdown on Virtual Currency Money Laundering and Cross-Border Money Laundering Activities

CoinFeed June 25 news, People's Bank of China Deputy Governor Xuan Changneng stated that since the "14th Five-Year Plan", China has revised the anti-money laundering law, improved the criminal law and judicial interpretations, established risk-based anti-money laundering principles, and raised higher regulatory requirements for money laundering risks from new technologies and new business forms. The central bank, together with multiple departments, has established an anti-money laundering regulatory system covering financial institutions and specific non-financial industries, promoting the implementation of centralized filing of beneficial owner information and differentiated reporting systems. Since 2022, the central bank, the Ministry of Public Security, and nine other departments have carried out a three-year campaign against money laundering, intensifying law enforcement against professional money laundering, virtual currency money laundering, and cross-border money laundering. The number of money laundering convictions nationwide exceeded 2,000 in 2025. In the future, during the "15th Five-Year Plan" period, domestic regulatory coordination and international cooperation will continue to be strengthened to normalize the crackdown on money laundering crimes.