August 22, 2017 / 12:57 PM / 2 years ago

China's top prosecutor to intensify crackdown on financial crimes

BEIJING (Reuters) - China’s top prosecutor said on Tuesday it will intensify a crackdown on financial crime, and would step up punishment and efforts to prevent risks to safeguard financial security.

The Supreme People’s Procuratorate said China would strictly crack down on any crimes that seriously damaged financial security and that destroyed financial orders.

In said a notice in an official newspaper managed by the top prosecutor it would also tighten the screws on securities and futures crimes that include inside trading, fake initial public offerings, information leaks and market manipulation.

The prosecutor would also intensify a clampdown on illegal fundraising, pyramid scams, “Ponzi Scheme”, and other financial frauds.

This year, high profile regulators who have been caught up in President Xi Jinping’s anti-corruption drive include the former head of the insurance regulator, former vice chairman of the securities regulator and former assistant chairman of banking regulator.

Reporting by Stella Qiu and Vincent Lee

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