Chinese national legislature, the National People's Congress
(NPC) Standing Committee, Saturday started to deliberate a draft
amendment to the penal code which will make whitewashing embezzled
funds and money resulted from financial crime punishable by
law.
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An official with the Legislative Affairs Commission of the NPC
Standing Committee said on Saturday that the draft law widens the
scope of upstream crimes constituting money laundering from the
four kinds provided by existing laws, namely unlawful incomes and
related earnings of narcotics crimes, organized crimes of sinister
gang nature, crimes of terrorist activities and smuggling crimes,
to six kinds added by incomes of corruption crimes and financial
fraud crimes.
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"The additions are made to strengthen the crackdown on corruption
and financial crimes, which are crucial for the financial security
of the country and stemming the outflow of public funds," he told
lawmakers at the Great Hall of the People.
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According to the law, perpetrators of the crime may face
imprisonment up to 10 years in addition to heavy fines.
(Xinhua News Agency December 25, 2005)