2024-07-07 23:40:46
On Friday, the China Securities Regulatory Commission, the Ministry of Public Security, the Ministry of Finance, the People’s Bank of China, the National Financial Regulatory Administration and the State-owned Assets Supervision and Administration Commission jointly released a document on combating financial fraud and improving discipline in the financial markets, Radio China reports.
It emphasizes that regulators will have zero tolerance for any financial irregularities, such as misinformation, misappropriation of funds and evasion of debt obligations. The document highlights the need for vigilance against evolving systematic and organized financial fraud tactics, advocating for strong legal action against those involved in forging or altering vouchers, falsifying transactions or colluding with third parties.
A comprehensive accountability framework will also be introduced and both the main perpetrators and their accomplices will come under the law, calling for tougher penalties and trading bans for those found guilty of financial fraud .
The document also calls for strict enforcement of the mandatory delisting of companies involved in fraudulent share issuance and serious financial fraud. Efforts to uncover misconduct by corporate insiders, including misappropriation of funds, embezzlement and breach of trust, which harm the interests of listed companies are encouraged.