The Disadvantage And Improvement Of Legislation Against Money Laundering Crime

With the development of global economic integration, money laundering which is a kind of new- type crime arising from the last century brings more and more harmful effects to society. The ways of money laundering are becoming increasingly diversified and highly secretive .To a great extent, it poses a threat to security of international economic order, and has seriously hindered the development of the international economy.Therefore, an increasing number of countries in the world are gradually aware that money laundering crime is a cancer of economic development that must be removed. They pay more attention to it and consolidate supervision on money laundering. In all, anti-money laundering will be the core content in the scope of fighting against economic crime.Originally, money- laundering crime did not exist until 1997.During this period, it experienced a number of amendments which apparently shows the increasing spread in our country and more concern on crime of money laundering. However, as society constantly changing, our economy's rapid development inevitably exposes drawbacks and incompatibility of China's criminal legislation on money laundering. In recent years, money laundering crime shows three characteristics as follows: firstly, conducting crime through professional financial people is a vital channel; Secondly, criminals conduct crime by high-technology; Last, criminals favor some countries where have legislative loopholes. There is a gap between theory and practice of money laundering crime, therefore, it can not govern over money-laundering offenses effectively, so they should be improved necessarily.This paper is divided into three chapters to analyze disadvantages and improve measures of legislation on money laundering crime. I hope this essay could be useful for legislation perfection on money laundering crime.Chapter I firstly gives a brief review of development process of criminal legislation on China's money laundering offenses, legislation organization made several amendments to perfect it. Then, it outlines criminal legislation of money laundering provisions in Hong Kong, Macao and Taiwan. The author hopes that it will be a certain reference value for Mainland improving criminal legislation on money laundering. Chapter II states drawbacks of criminal legislation on money laundering, Due to influences of society,economy and politics,with respect to China's current money laundering criminal legislation, there are certain shortcomings. First of all, whether the scope of money laundering crime include subject of upper crime. In the world, many countries incorporated subject of former crime into subject of money laundering crime with the purpose of convenience in practice; Secondly, with Money laundering means becoming more and more high-tech diversification, a variety of economic crimes come out, and the scope of upper crime appears narrow .So ,there is still room for expansion; Thirdly, though amendments increase six kinds of money laundering methods, it did not include many other harmful ways. Fourthly, cross-border money laundering crime brings a lot of difficulties for criminal jurisdiction. If criminals conducted a kind of upper crime abroad where we have no right to supervise, then went to China for money laundering, As a result, it will be harmful for our financial security. Last, defects of punishment of money laundering. At present, punishments should be improved emergently and necessarily.Chapterâ…¢amplify that improvement of criminal legislation against money laundering was not built overnight, it should be dealt with cautiously. After referring a lot of materials, the author put forward following proposals on existing deficiencies. Firstly, it is wised for extending subject of money laundering and convenient for judicial practice. Secondly, the scope of upper crime should be extended to all kinds of crimes that could produce proceeds. Thirdly, we should increase manners of money laundering in order to crack down on money laundering crime severely. Fourthly, the author proposes two kinds of projects on perfection of jurisdiction for selection. Fifthly, Improving the penalty system of money laundering crimes is a vital task that legislators should carefully study the current situation of China's money laundering crime. Finally, we should improve our legislation against money laundering and make our legislation system in line with international trend.