国内英语新闻：Anti-laundering law snares first suspects

Four people were sentenced to between 15 and 24 months' imprisonment Tuesday in Shanghai for money laundering in the first such case since the anti-money laundering law took effect in January.

The Shanghai Hongkou District People's Court sentenced Pan Rumin to two years in jail and fined him 60,000 yuan ($8,000) for the crime. Accomplices Zhu Suzhen, Li Daming and Gong Yuan were sentenced to between 15 and 16 months in prison and fined 20,000 yuan each.

The case was the first in the country to turn on the new anti-money laundering law. Before the law took effect, suspects in money-laundering cases were charged with operating illegal businesses or disordering financial markets.

The four parties had collectively laundered more than 1 million yuan by withdrawing money and transferring funds over the Internet, through ATMs and over the counter at bank branches.

The Shanghai branch of the Industrial and Commercial Bank of China eventually grew suspicious, and police arrested the suspected launderers in Hongkou on July 24 last year.

The authorities have been drawing up legislation to fight money laundering. The National People's Congress Standing Committee passed the new anti-money laundering law in October, last year.