A Shanghai court yesterday sentenced four people to jail for
money laundering - the first case since China's money laundering
laws were introduced this year.
Pan Rumin was sentenced to two years in prison and fined 60,000
yuan (US$7,991) for money laundering. Pan's three companions Zhu
Suzhen, Li Daming and Gong Yuan were sentenced to between 15 and 16
months imprisonment and fined 20,000 yuan each by the Hongkou
District People's Court.
The four had laundered more then one million yuan from financial
cheating, according to the Shanghai headquarters of the People's
Bank of China.
The Shanghai branch of the Industrial and Commercial Bank of
China suspected money laundering was involved in 27 personal
accounts and reported this to police on July 20, last year. Police
in Hongkou took over the case on July 24 and arrested the four
suspects.
This is the first case of its kind after China introduced money
laundering laws this year.
Before the legislation, people involved in money laundering were
charged with other crimes such as operating illegal businesses or
causing disorder to financial markets.
China is improving its legislation to fight money
laundering.
The National People's Congress passed the country's first
anti-laundering law in October 2006.
The country's anti-laundering laws relating to financial
institutions including banks, stock brokers and insurers also took
effect in January.
(Shanghai Daily October 23, 2007)