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China to crack down on pyramid sales, illegal banks
(Xinhua)
Updated: 2008-12-22 20:40
A draft of an amendment to the Criminal Law more strictly defines what constitutes a pyramid scheme. This definition will enable law enforcers to deal with cases involving the money-making activities, according to a bi-monthly session of the National People's Congress (NPC) Standing Committee, the country's top legislature. The draft amendment proposes that the penalty on "serious cases" should be a minimum of five years in prison. Under the revised amendment, financial services involving securities deals, futures and insurance products without official permits will be illegal. (For more biz stories, please visit Industries)
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