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China to crack down on pyramid sales, illegal banks

(Xinhua)
Updated: 2008-12-22 20:40

Related readings:  China amends criminal law to punish pyramid sales  China to conduct 3-month drive against pyramid sales  3 held in biggest pyramid sales scam  China to build database to document pyramid sales criminals

China plans to crack down on pyramid schemes and illegal banking services more severely as the nation's senior legislators Monday began to discuss a law draft targeting such scams.

A draft of an amendment to the Criminal Law more strictly defines what constitutes a pyramid scheme. This definition will enable law enforcers to deal with cases involving the money-making activities, according to a bi-monthly session of the National People's Congress (NPC) Standing Committee, the country's top legislature.

The draft amendment proposes that the penalty on "serious cases" should be a minimum of five years in prison.

Under the revised amendment, financial services involving securities deals, futures and insurance products without official permits will be illegal.