Beijing toughens financial crime laws

Changes to China's Criminal Law adopted June 29 sharply increase penalties for embezzling executives. The changes adopted by the Standing Committee of the National People's Congress also expand the definition of economic crimes to include moves that undermine financial markets or company administration, the South China Morning Post reported. Penalties are as high as seven years in prison for five major offences, including taking company assets. Legislators defended broad definitions of the crimes listed by saying it is impossible to regulate every type of economic behaviour. It will be up to the judiciary to make judgements and pass sentences, the director of criminal law for the Standing Committee's legal work committee told the newspaper.