Criminal Legal Regulation of Underground Banks from the Anti-Money Laundering Perspective
Underground banks pose multifaceted threats to China's financial management system and are increasingly evolving into specialized money laundering organizations,serving as a covert means for upstream criminals to transfer stolen funds across borders.Criminal penalties for the illegal activities of underground banks in capital payment,settlement,and foreign exchange trading have historically been dominated by the crime of illegal business operations.This focus not only obscures the inherent money laundering risks associated with underground banks but also fails to fully assess the detrimental impact of these actions on legal interests,reveal the true legal nature of the funds,and complicates the process of judicial assistance.In light of the recent significant changes introduced by the Criminal Law Amendment(XI)regarding money laundering,which has broadened the application of money laundering laws to underground banks,judicial practice should adopt a"first then second"examination model for money laundering and illegal business operations.This model should prioritize a thorough investigation of evidence to first determine whether underground banks are suspected of money laundering,while also enhancing international cooperation channels focused on combating money laundering.Historically,the subjective assessment of money laundering offenses has posed a significant challenge,becoming a primary barrier to applying money laundering laws to underground banks.It is essential to clarify theoretical disputes and strive to resolve them in practice.
Underground BanksCrime of Money LaunderingCrime of Illegal Business OperationsCross-Border SettlementSubjective Determination
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