China's crackdown on financial crimes makes progress

BEIJING -- Chinese prosecutors stepped up their efforts against financial crimes in 2021, a senior prosecutor with the Supreme People's Procuratorate said Tuesday.

In the first 11 months of 2021, the number of suspects charged with crimes related to securities and futures increased by 90.1 percent year-on-year to 211, said Zheng Xinjian, an SPP senior prosecutor.

The establishment of an SPP office in the China Securities Regulatory Commission has facilitated the crackdown on securities-related crimes and sent a strong signal to the capital market, said Zheng.

Through this office, prosecutors, securities regulators, and police have enhanced their cooperation, and local prosecuting agencies received better instruction and supervision, he said.

Prosecuting agencies also maintained high pressure on illegal fundraising. In the first 11 months of 2021, more than 20,000 suspects were indicted for illegally raising funds from the public, and around 1,800 suspects were indicted for fundraising fraud.

The number of money laundering cases filed by prosecutors nationwide from January to November 2021 increased by 117 percent year-on-year, Zheng added.