Cyber security. Photo: IC

An official from China's Ministry of Public Security (MPS) said that a large number of money laundering cases are correlated with online gambling platforms and cryptocurrencies, which was the subject of a special campaign targeting telecommunication and cyber fraud launched by the ministry. 

The ministry suggested at a press conference held by the State Council Information Office on Thursday that tools used in organized fraud are being empowered by multiple technologies such as blockchain, crypto-currencies, artificial intelligence and remote control devices. 

Liu Zhongyi, an official from the ministry, said that 60 percent of cases were committed via online channels. Among different crypto-currencies also played an important role in money laundering and did the most damage in undermining online financial security, said Liu.

Since April 2021, public security authorities in China have investigated 394,000 telecommunication & cyber fraud cases, arresting 634,000 criminal suspects, rising 28.5 percent and 76.6 percent, respectively, over the previous year, the ministry said. 

Global Times