China targets 'one-stop' financial fraud services in latest crackdown

BEIJING - China's Supreme People's Procuratorate (SPP) has pledged strict punishment for units and individuals offering "one-stop" services for financial fraud for companies and enterprises.

The SPP has released a guideline for handling financial fraud cases, clarifying key issues including fact finding and law application.

The guideline specifies how to identify the information disclosure obligations of companies and enterprises in handling financial fraud cases and how to assess direct economic losses, among other key issues.

In cases where direct economic losses are difficult to calculate accurately, the guideline stipulates that a specialized agency should be commissioned to issue an assessment report.

Industry insiders believe the guideline is conducive to refining the systems underpinning the market economy and strengthening efforts in preventing and combating fraud.