Beijing will crackdown on people involved in underground banking and pyramid schemes, the South China Morning Post reported, citing draft revisions of laws submitted to the legislature on Monday. The National People’s Congress Standing Committee is scheduled to debate eight bills and several government reports during a six-day bi-monthly session that began on Monday. Under the proposed legislation, those found guilty of participating in pyramid schemes could be sentenced to up to five years in prison, while the ringleaders could face more serious penalties. Other revisions target illegal banks dealing in large financial transactions by classifying them as criminal organizations, thereby facilitating legal action. However, a debate on a revised food safety law has been removed from the agenda for this meeting. The debate is expected to be taken up at the next meeting in February.
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