Shanghai Financial Prosecution White Paper Reveals Decline in Financial Crimes in 2023

According to Foresight News, the Shanghai People's Procuratorate has released the '2023 Shanghai Financial Prosecution White Paper'. The white paper indicates a slight decrease in the number of financial crimes and involved individuals in the city in 2023. Illegal fundraising crimes accounted for 70% of financial crimes. There was a dual upgrade in the name and means of new types of financial investment fraud. Manipulation of the securities market became the main type of securities crime. Financial fraud cases occurred frequently in key links. The methods of foreign exchange-related and illegal payment settlement crimes were revamped. The risk of using 'virtual currency' for cross-border asset transfers became prominent.