Money laundering refers to the act of concealing and concealing the source and nature of illegal gains and income generated by drug crimes, organized crimes of underworld nature, terrorist crimes, smuggling crimes or other crimes by various means, so as to legalize them in form.
According to the relevant laws and regulations of our country, if money laundering abroad constitutes a crime of money laundering, it should be sentenced according to the circumstances of the crime. If the circumstances are serious, they are generally sentenced to fixed-term imprisonment of not less than five years but not more than ten years.
There are various ways of money laundering, and the most common ones are the following five ways:
1, using financial institutions. Including: forging commercial paper; Money laundering through securities and insurance; Opening an account with bills for money laundering; Using the international transfer of bank deposits for money laundering; Credit recovery; Using futures and options to launder money.
2. The method of operating an industry through investment. Including: setting up an anonymous company and concealing the real owner of the company; Investing in cash-intensive industries; Using fake financial companies and law firms to launder money.
3. Through commodity trading activities. Due to the strict restriction of cash transaction reporting system, money launderers may not be able to easily convert cash into bank deposits in a short time, but it is extremely dangerous for criminal organizations to hold a large amount of cash.
Legal basis:
Criminal law of the people's Republic of China
Article 19 1
Whoever commits any of the following acts to conceal or conceal the income, source and nature of drug crimes, organized crimes of underworld nature, terrorist crimes, smuggling crimes, corruption and bribery crimes, crimes against financial management order and financial fraud crimes shall be confiscated and sentenced to fixed-term imprisonment of not more than five years or criminal detention, and shall also, or shall only, be fined; If the circumstances are serious, he shall be sentenced to fixed-term imprisonment of not less than five years but not more than ten years, and shall also be fined:
(a) to provide funds account;
(2) Converting property into cash, financial bills or securities;
(3) Transferring funds by transfer or other payment and settlement methods;
(4) Cross-border transfer of assets;
(5) concealing or disguising the source and nature of the proceeds of crime and their proceeds by other means.
If a unit commits the crime mentioned in the preceding paragraph, it shall be fined, and the directly responsible person in charge and other directly responsible personnel shall be punished in accordance with the provisions of the preceding paragraph.