Chinese courts will step up efforts to combat money laundering, with a particular focus on crimes committed through virtual currencies, online game coins and other emerging digital platforms, officials from China's top court announced on Monday.

"With the widespread use of internet technologies, the number of criminal cases involving money laundering is rapidly increasing, and the methods are becoming more sophisticated," Chen Xueyong, deputy chief judge of the Supreme People's Court's No 3 Criminal Adjudication Tribunal, told a news conference.

Chen said courts across China concluded 861 money laundering cases last year, 362 more than in 2021. In the first half of this year, 573 people were punished for the crime.

Chen said over 80 percent of the upstream offenses linked to the cases involved drugs, embezzlement, bribery or the finance sector. He said virtual currencies, online game coins and livestreaming platforms have become new channels for money laundering, complicating efforts to detect and combat the crime.

Chen Hongxiang, chief judge of the tribunal, urged judges to focus on cases involving digital platforms and to impose severe punishments on those using such methods to launder money. He also called for intensified efforts against underground banks, emphasizing the need for stronger cooperation among police, prosecutors and financial inspectors to enhance the crackdown.

"In addition, we will proactively seek international cooperation in the fight against money laundering to safeguard our country's financial security and development interests," Chen Hongxiang added.

To aid judges in accurately applying the law and efficiently resolving money laundering cases, the Supreme People's Court has issued a new judicial interpretation in collaboration with the Supreme People's Procuratorate. The 13-article interpretation, effective from Tuesday, clarifies the circumstances under which money laundering offenses are considered "serious" and subject to harsher penalties.

Under the new interpretation, a person who repeatedly launders money and handles amounts exceeding 5 million yuan ($700,480) will be deemed to have committed a "serious" offense and could face a prison term of up to 10 years. Those who refuse to cooperate with property recovery efforts or cause losses exceeding 2.5 million yuan will also be subject to more severe punishment.

Chinese prosecutors have also increased their efforts to combat money laundering in recent years. They prosecuted 2,971 people for money laundering last year, nearly 20 times the number in 2019. In the first half of this year, 1,391 people were prosecuted, up 28.4 percent year-on-year, according to Zhang Jianzhong, an official from the top procuratorate.

"We have contributed to the formulation of anti-money laundering laws and assisted the People's Bank of China in participating in the Financial Action Task Force's revision of international standards on asset recovery," Zhang said.

Prosecutors in regions including Beijing, Shanghai and the provinces of Zhejiang, Fujian, Hubei and Henan have enhanced information sharing and collaboration with financial institutions and academic bodies to improve the handling of money laundering cases, Zhang added.