The Shanghai Procuratorate disclosed a case of occupational crime involving money laundering related to virtual currency, with the amount laundered reaching 1.8 billion yuan

According to the disclosure from the Shanghai Procuratorial WeChat official account, the Shanghai Baoshan District Procuratorate, in handling a case of occupational crime, successfully initiated supervision on 24 cases involving 24 individuals through a penetrating review of funds, tracking the flow of funds. Prosecutors stated that the number of accounts involved in the underground money laundering gang was numerous, making the case very challenging, with a massive scale of financial transactions and a money laundering amount reaching 1.8 billion yuan. Ultimately, through pursuit and prosecution, they cracked down on money laundering activities that utilized virtual currency for cross-border transfer of illicit funds.

In response to new and complex money laundering crimes such as underground money houses and virtual currencies, the Baoshan District Procuratorate guided public security agencies to penetrate fund accounts, clarify the sources and destinations of funds, secure electronic data, and make precise and effective accusations, fully ensuring the quality and effectiveness of the investigation and handling of money laundering cases.