China sentences four under new money laundering law

FROM A
DIFFERENT ANGLE by Kenneth Rijock

Financial Crime Consultant, for World-Check

24 October 2007

The Peoples Republic of China has sentenced its first four individuals under the country's new money laundering law. The case arose out of an investigation into money laundering uncovered that the Shanghai Branch of the Industrial & Commercial Bank of China.

The defendants, their sentences of imprisonment, and fines were:

Pan Rumin a/k/a Pan Xumin, two years' imprisonment and a fine of 60,000Y (US$8000).

Zhu Suzhen, 1 year, 3 months' imprisonment, and a fine of 20,000Y ($2600).

Li Daming, 1 year, 3 months' imprisonment, and a fine of 20,000Y ( $2600).

Gong Daming, 1 year, 3 months' imprisonment, and a fine of 20,000Y ($2600).

The new money laundering law, which was passed on 16 October, 2006, became effective on 1 January, 2007.

The facts and opinions stated in this article are those of the author and not those of World-Check. World-Check does not warrant the accuracy of any facts and opinions stated in this article, does not endorse them, and accepts no responsibility for them.

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