Crackdowns on illegal fundraising up in 2019

China filed 5,888 criminal illegal fundraising cases in 2019, up by 3.4 percent year-on-year, and the amount of money involved in these cases increased by 53.4 percent to 543.42 billion yuan ($76.8 billion), the interagency task force leading the crackdown on such practices said.

The interagency task force said at a video conference on Monday it will speed up efforts to launch the regulation on preventing and disposing of illegal fundraising this year and build a new pattern, which will pay equal emphasis on combating illegal fundraising by administrative and judicial means.

Highlighting prudent and safe disposal of risk as one of the major tasks this year, the interagency task force will further improve the emergency response mechanism and crack down on illegal fundraising activities in key areas, including online lending and private equity in a steady, orderly manner.

It also will speed up the creation of a three-year plan for the establishment of a national illegal fundraising monitoring and early warning system, keep improving local platforms, and speed up interconnection among different platforms.

Last year, a national platform for the prevention and control of risks associated with illegal financial activities was on trial operation, and 28 provincial risk monitoring platforms for such activities were put into use.