Core Viewpoint - The introduction of the "Management Measures for Anti-Money Laundering Work of Real Estate Practitioners" marks a significant step in regulating the real estate sector against money laundering activities, aligning with the revised Anti-Money Laundering Law effective from January 1, 2025 [2][8]. Group 1: Regulatory Framework - The new measures consist of 25 articles and will take effect on September 1, 2025, establishing a regulatory framework for anti-money laundering in the real estate sector [2][4]. - The measures require real estate developers and brokerage firms to fulfill anti-money laundering obligations and accept supervision and self-regulation [2][4]. Group 2: Money Laundering Risks in Real Estate - The real estate sector has been identified as a potential avenue for money laundering due to its large transaction amounts and complex processes, making it attractive for illicit activities [3][4]. - Common money laundering methods in real estate include cash transactions with discounts and the use of "yin-yang contracts" to disguise the true value of properties [3][4]. Group 3: Key Anti-Money Laundering Obligations - The measures outline three core obligations for real estate institutions: customer identity verification, suspicious transaction reporting, and record-keeping [5][6]. - Real estate institutions must refuse transactions with unidentified clients and report any suspicious activities to the relevant authorities [5][6]. Group 4: Internal Controls and Industry Self-Regulation - Institutions are required to establish internal controls for anti-money laundering, appoint responsible personnel, and conduct regular risk assessments [6][7]. - The measures also define the role of industry self-regulatory organizations in guiding compliance and coordinating suspicious transaction reports [6][7]. Group 5: Risk-Based Approach - The measures adopt a risk-based approach, allowing for differentiated regulatory measures based on the level of money laundering risk associated with different real estate practitioners [7]. Group 6: Alignment with International Standards - The introduction of these measures is part of a broader effort to align with international standards set by the Financial Action Task Force (FATF) and to prepare for the upcoming fifth round of mutual evaluations [8][9].

Group 1 - The event was a unique "Safety First Class" outdoor experience aimed at educating students about traffic safety through real-life scenario reenactments [1][3] - The activity featured a professional stunt team that demonstrated six common traffic accidents, allowing students to witness the importance of traffic safety firsthand [1][3] - The event included an interactive quiz segment to encourage students to share their understanding of civilized traffic, making the learning process engaging and memorable [3] Group 2 - Volunteers from Ping An Property & Casualty Insurance in Sanming set up consultation booths to distribute educational materials and provide advice on fraud prevention and personal asset protection [5] - The initiative emphasized the importance of safeguarding personal information, such as bank accounts and identification documents, to protect students in their daily lives [5] - Ping An Property & Casualty Insurance in Sanming plans to continue collaborating with various sectors to enhance traffic safety education and ensure community safety [7]

Report Industry Investment Rating No information provided in the content. Core Viewpoints The report comprehensively covers the overnight performance of domestic and international futures markets, important macro - economic news, and developments in various industries such as finance, energy, metals, and agriculture. It also presents corporate financial reports and upcoming events, offering a multi - faceted view of the current economic and market situation. Summary by Directory Overnight Night - Market Trends - Domestic futures: Most domestic futures主力 contracts declined. SC crude oil and coking coal dropped over 2%, while rapeseed meal, fuel oil, etc. fell nearly 2%. PX, 20 - grade rubber, and staple fiber had slight increases [3]. - International oil prices: The U.S. crude oil主力 contract closed down 2.30% at $63.31 per barrel, and Brent crude oil主力 contract dropped 2.15% to $66.75 per barrel [4]. - International precious metals: COMEX gold futures rose 0.75% to $3443.20 per ounce, and COMEX silver futures fell 0.02% to $38.70 per ounce [5]. - London base metals: Most London base metals rose. LME nickel, tin, aluminum, and copper had respective increases of 1.19%, 0.95%, 0.53%, and 0.51% [5]. - International agricultural products: International agricultural futures showed mixed results. U.S. soybeans, soybean meal, and wheat rose by 0.12%, 0.48%, and 0.38% respectively, while U.S. corn and soybean oil dropped by 0.73% and 2.75% [6]. Important News Macroeconomic News - Energy system: China has established a relatively complete energy production, supply, storage, and sales system, with stable energy reserve capacity and enhanced power user response [10]. - Diplomatic news: Regarding the reported meeting of Chinese officials with U.S. counterparts, specific details should be inquired from relevant Chinese departments [10]. - Service trade: The State Council emphasizes promoting institutional opening - up of service trade, strengthening alignment with international high - standard economic and trade rules, and reducing negative lists for cross - border service trade [10]. - Fed news: Trump's administration is considering influencing local Fed policies, and there are personnel changes and power struggles within the Fed [11]. - Trade policies: Trump warns of high furniture tariffs and measures against foreign digital taxes [12]. Energy and Chemical Futures - Oil price adjustment: On August 26, 2025, domestic gasoline and diesel prices were lowered by 180 yuan/ton and 175 yuan/ton respectively [17]. - Refinery data: Shandong independent refineries' crude oil arrivals in the week ending August 25 increased by 101.07% week - on - week [17]. - Russian oil: Russia increased its August western port crude oil export plan by 200,000 barrels per day, but the plan is uncertain due to attacks and maintenance [17]. - Indian imports: Indian refiners plan to cut Russian crude oil purchases [17]. Metal Futures - Margin adjustment: The Shanghai Futures Exchange adjusted the trading margin ratio and daily price limit for cast aluminum alloy futures on August 28, 2025 [19]. - Fed rate forecast: Morgan Stanley expects the Fed to cut rates in September and December 2025 and multiple times in 2026 [19]. - Trade negotiation: Chile's trade negotiation with the U.S. on tariffs is in the final stage, and Chile's cathode copper already enjoys U.S. tariff exemption [22]. Black - Series Futures - Coal market: Yulin coal prices are expected to fluctuate weakly due to high terminal inventories and weak power coal price support [24]. - Steel production: In July 2025, the production of medium - thick plate mills, hot - strip mills, and cold - strip mills in key steel enterprises showed different trends [24]. - Steel plant situation: Tangshan's section steel mills are under production restrictions, with low operating rates and weak sales [25]. Agricultural Futures - Tax exemption: Malaysia's Ministry of Plantation Industries and Commodities is seeking tax exemption for crude and refined palm kernel oil [27]. - Palm oil data: From August 1 - 25, 2025, Malaysia's palm oil production decreased by 1.21% compared to the same period last month [30]. - Tariff exemption: The U.S. has agreed in principle to exempt Indonesia's cocoa, palm oil, and rubber from a 19% tariff [30]. - Crop production: Brazil's sugar and cane production forecasts for the 2025/26 season have changed compared to April [30]. - EU imports: As of August 24, 2025, EU imports of soybeans, rapeseed, palm oil, and corn decreased compared to the same period last year [31]. - Inventory data: As of August 26, 2025, China's national soybean oil port inventory increased by 41,000 tons week - on - week [32]. - Brazilian exports: Brazil's August soybean, soybean meal, and corn export forecasts have been adjusted [32]. Financial Markets Financial - A - shares: A - shares had a narrow - range shock with mixed performance of the three major indices. The market turnover decreased [35]. - Hong Kong stocks: The Hong Kong Hang Seng Index and related indices fell, with different performances of various sectors [35]. - ETF market: China's ETF scale reached 5.07 trillion yuan, and the number of funds is 1,271 [35]. - Mutual funds: As of July 2025, China's public - offering funds' total scale reached 35.08 trillion yuan, with different growth trends for different types [36]. - Foreign capital: From August 14 - 20, 2025, passive and active foreign capital flowed into A - shares [36]. - Corporate dividends: As of August 26, 2025, A - share companies' announced mid - term dividends exceeded 250 billion yuan [39]. - Private funds: Over 60% of 10 - billion - level private funds are close to full - position operations [39]. - Regulatory news: HSBC was fined 4.2 million yuan by the Hong Kong Securities and Futures Commission [40]. - Corporate earnings: Shell and Nongfu Spring released their mid - year results [40]. Industry - Oil price: Domestic oil prices were lowered for the seventh time this year [41]. - Logistics: China's logistics industry is expected to reach a total logistics volume of 380 trillion yuan in 2025 [42]. - Real estate: The Ministry of Housing and Urban - Rural Development and the central bank issued anti - money - laundering regulations for real estate institutions, and Suzhou relaxed housing transfer restrictions [44]. - Operating system: The new domestic operating system Galaxy Kylin V11 was released [44]. - AI field: China established an "Advanced Storage AI Inference Working Group" [45]. - Mobile market: The global and Chinese folding - screen mobile phone markets are expected to grow [45]. - Tourism: This year's summer tourism demand was strong, with an increase in order prices [45]. Overseas - Trade policies: Trump completed trade agreements with the EU, Japan, and South Korea and plans high furniture tariffs [48]. - Fed personnel: Trump removed Fed governor Lisa Cook, and there are disputes and power arrangements [48]. - Investment news: Japan invested $55 billion in the U.S., and South Korean companies increased their U.S. investments [49]. - Tariff exemption: The U.S. agreed in principle to exempt Indonesia's palm oil, cocoa, and rubber from tariffs [50]. - Postal service: Australia Post suspended most mail services to the U.S. due to tariffs [52]. International Stocks - U.S. stocks: The three major U.S. stock indices rose slightly, with different performances of individual stocks [53]. - European stocks: European major stock indices fell due to political risks in France and Fed personnel changes [53]. - Stock market innovation: The London Stock Exchange was approved to operate a new private stock market [54]. Commodities - Futures adjustment: The Shanghai Futures Exchange adjusted cast aluminum alloy futures' trading rules [55]. - Oil prices: International oil prices fell due to weak inventory data and supply concerns [55]. - Precious metals: International precious metals showed mixed results, with gold rising due to Fed concerns [56]. - Base metals: London base metals mostly rose due to expectations of Fed rate cuts [58]. - Gas imports: South Korea will purchase an additional 3.3 million tons of LNG from the U.S. annually from 2028 [59]. Bonds - Domestic bonds: Domestic inter - bank bond yields generally declined, and the central bank conducted reverse - repurchase operations [60]. - U.S. bonds: U.S. bond yields showed mixed results, and Trump's actions may affect long - term rates [60]. Foreign Exchange - RMB: The on - shore RMB against the U.S. dollar depreciated, and the central parity rate was adjusted downwards [61]. - Dollar index: The U.S. dollar index fell, and non - U.S. currencies mostly rose [62]. Upcoming Events - Multiple government departments will hold press conferences on August 27, 2025 [69]. - There are industry conferences and product launches scheduled from August 27 - 31, 2025 [69]. - Earnings reports of multiple companies will be released [69]. - A Fed official will give a speech [69]. - The Indian stock market is closed for the Ganesh Chaturthi festival [71].

Core Viewpoint - The Ministry of Housing and Urban-Rural Development and the People's Bank of China have issued the "Management Measures for Anti-Money Laundering Work of Real Estate Practitioners," which mandates real estate institutions to report suspicious transactions related to money laundering and to establish internal controls for anti-money laundering efforts [1][3]. Group 1: Regulatory Framework - The measures aim to prevent money laundering and terrorist financing activities within the real estate sector, based on relevant laws such as the Anti-Money Laundering Law and the Anti-Terrorism Law of the People's Republic of China [3]. - Real estate institutions must comply with these measures and are subject to supervision by housing and urban-rural development authorities [3][4]. Group 2: Responsibilities of Real Estate Institutions - Real estate institutions are required to assess and manage money laundering risks, implement preventive measures, and establish internal control systems [7][8]. - Institutions must verify the identity of clients and the purpose of transactions, especially when there are reasonable grounds to suspect money laundering activities [10][11]. Group 3: Reporting and Confidentiality - Real estate institutions must submit suspicious transaction reports to the Anti-Money Laundering Monitoring and Analysis Center when they suspect transactions related to money laundering [13]. - Information obtained during the anti-money laundering process must be kept confidential and can only be disclosed as required by law [6]. Group 4: Supervision and Self-Regulation - The housing and urban-rural development authorities will supervise the compliance of real estate institutions with anti-money laundering obligations, while industry self-regulatory organizations will also play a role in managing compliance [11][12]. - Self-regulatory organizations are tasked with developing guidelines, conducting training, and monitoring compliance within the industry [12]. Group 5: Legal Consequences - Violations of the anti-money laundering measures can result in penalties from local government authorities, and self-regulatory organizations may impose disciplinary actions on non-compliant institutions [14][15].

Core Viewpoint - The Supreme People's Court and the Supreme People's Procuratorate jointly released an interpretation regarding the handling of criminal cases related to concealing and disguising criminal proceeds, effective from August 26, 2025, aiming to clarify judicial rules and unify legal application [1]. Group 1: Legal Framework and Context - The crime of concealing and disguising criminal proceeds is the most prevalent type of money laundering crime, closely linked to telecom fraud and online gambling [1]. - From 2020 to 2024, prosecutors initiated 230,200 cases of this crime, while courts concluded 220,900 first-instance cases, effectively deterring upstream crimes such as telecom fraud and online gambling [1]. Group 2: New Challenges and Legal Adaptations - The evolving nature of crime, including more sophisticated methods and the shift from theft to fraud, particularly telecom fraud, presents new challenges for legal application [2]. - The interpretation clarifies that any actions that conceal or disguise criminal proceeds, such as transferring funds or converting assets, fall under the scope of the law [2]. Group 3: Standards for Criminal Liability - The interpretation emphasizes strict adherence to the requirement of "knowing the proceeds are criminal" and modifies the standards for determining this knowledge to prevent overreach in criminal prosecution [3]. - A comprehensive assessment of social harm will be used to determine criminal liability, considering factors such as the relationship to upstream crimes, subjective malice, methods used, amounts involved, and consequences [3]. Group 4: Penalty Guidelines - The interpretation introduces differentiated standards for severe cases based on the type of upstream crime, setting thresholds of 5 million and 500,000 yuan for aggravated penalties [3]. - It also includes provisions for leniency in sentencing for individuals who significantly assist in tracing upstream crimes, encouraging cooperation in recovering losses [4].

Core Viewpoint - Money laundering crimes severely threaten national security and financial safety, with the crime of concealing and disguising criminal proceeds being the most prevalent in practice [1]. Summary by Sections Overview of Money Laundering Crimes - From 2020 to 2024, prosecutorial authorities filed 230,200 cases of concealing and disguising criminal proceeds, while courts adjudicated 220,900 first-instance cases [1]. Legal Interpretations and Case Examples - On August 25, the Supreme People's Court and the Supreme People's Procuratorate jointly issued interpretations regarding the application of laws in cases of concealing and disguising criminal proceeds, along with six selected typical cases to enhance public awareness of anti-money laundering [1]. Case 1: Virtual Currency - Three individuals were sentenced to prison and fined for using virtual currency to help transfer criminal funds, knowing they were proceeds of crime [2][3]. Case 2: Large Gold Transactions - An individual was sentenced to three years and six months in prison and fined 50,000 RMB for facilitating the transfer of criminal proceeds through large gold transactions [5]. Case 3: Recycling Industry - An individual was sentenced to six years in prison for selling road steel plates, knowing they were criminal proceeds, demonstrating the use of the recycling industry to conceal crime [9]. Case 4: Upstream Crimes - In a case involving illegal sand mining, individuals were convicted of concealing and disguising criminal proceeds despite the upstream crime not being legally adjudicated [12][13]. Case 5: Distinction of Knowledge - A court clarified the distinction between concealing and disguising criminal proceeds and aiding crimes, adjusting the conviction based on the individual's knowledge and the nature of assistance provided [16][17]. Case 6: Role in Criminal Chain - The court evaluated the defendants' roles in the criminal chain and imposed sentences based on their acknowledgment of guilt and return of illegal gains [21].

Core Viewpoint - Money laundering crimes severely threaten national security and financial safety, with the crime of concealing and disguising criminal proceeds being the most prevalent in practice [1] Group 1: Legal Proceedings and Statistics - From 2020 to 2024, the prosecution of the crime of concealing and disguising criminal proceeds reached 230,200 cases, while the courts concluded 220,900 first-instance cases [2] - On August 25, the Supreme People's Court and the Supreme People's Procuratorate jointly issued an interpretation regarding the application of laws in cases of concealing and disguising criminal proceeds, along with six selected typical cases to enhance public awareness of anti-money laundering [2] Group 2: Case Examples - Case 1: Three individuals were sentenced to prison and fined for using virtual currency to help transfer criminal funds, knowing they were proceeds of crime [3] - Case 2: An individual was sentenced to three years and six months in prison and fined for cooperating in a large gold transaction that concealed criminal proceeds [6] - Case 3: An individual was sentenced to six years in prison for selling road steel plates, knowing they were of unknown origin and likely criminal proceeds [9] - Case 4: In a case involving illegal sand mining, individuals were sentenced for transferring and transporting sand they knew was criminal proceeds, despite the upstream crime not being legally adjudicated [12] - Case 5: A court re-evaluated a case to correctly classify the crime as concealing and disguising criminal proceeds rather than aiding information network crime, leading to a different sentencing [15] - Case 6: Two defendants were sentenced to two years in prison and fined for their roles in the criminal chain, with the court considering their acknowledgment of guilt and return of illegal gains [18]

Core Viewpoint - The Supreme People's Court and the Supreme People's Procuratorate jointly released an interpretation regarding the handling of criminal cases related to concealing and disguising criminal proceeds, which aims to strengthen the legal framework against money laundering and related crimes, particularly in the context of rising telecommunications fraud and online gambling [1][3]. Summary by Sections Legal Framework - The interpretation consists of 12 articles and will take effect on August 26, 2025, providing clearer judicial guidelines for handling cases of concealing and disguising criminal proceeds [3]. - Article 312 of the Criminal Law defines the crime of concealing and disguising criminal proceeds, with penalties ranging from less than three years of imprisonment to seven years for serious cases [1]. Key Changes - The interpretation tightens the legal net by expanding the definition of "other methods" to include various actions that can conceal or disguise criminal proceeds, such as intermediary transactions, fund transfers, and cross-border asset transfers [5]. - It emphasizes the strict requirement of subjective knowledge, ensuring that individuals are only prosecuted if they knowingly handle criminal proceeds, thus preventing overreach in legal interpretations [5][6]. Adjustments in Penalties - The threshold for "serious circumstances" has been adjusted to 500,000 and 5 million yuan, depending on the type of upstream crime, to ensure proportionality in sentencing [8][10]. - The adjustment addresses discrepancies in sentencing between upstream and downstream crimes, particularly in cases involving illegal mining and related activities [12]. Encouragement for Cooperation - The interpretation includes provisions for leniency in sentencing for individuals who actively cooperate with judicial authorities in tracing upstream crimes, promoting a collaborative approach to law enforcement [12]. - Special consideration is given to minors and students involved in such crimes, allowing for potential dismissal or non-prosecution based on the specifics of the case [12]. Impact on Crime Statistics - From 2020 to 2024, prosecutors initiated 230,200 cases of concealing and disguising criminal proceeds, with courts concluding 220,900 first-instance cases, indicating a significant deterrent effect on telecommunications fraud and online gambling [14]. Case Example - A notable case involved a jewelry store owner who facilitated large purchases of gold with funds from telecommunications fraud, resulting in a sentence of three years and six months, highlighting the practical application of the new interpretation [15][21].

农发行桐梓县支行始终坚决履行金融机构反洗钱义务，积极承担社会责任。未来，该行将持续创新宣传方式，拓 宽宣传覆盖面，不断提升反洗钱宣传的针对性和有效性，为构建安全、诚信的金融市场环境贡献政策性金融力 量。 （潘昱舟） 本次活动突破传统宣传模式，充分发挥支行营业网点的阵地优势。通过展示"筑牢反洗钱防线，净化贵金属宝石市 场环境"等醒目标语、摆放图文并茂的宣传展板、设立专门的宣传咨询台、向办理业务的客户及过往群众发放反洗 钱知识折页等多种形式，营造了浓厚的宣传氛围。该行工作人员主动担当宣讲员，用通俗易懂的语言，结合真实 案例，向公众详细讲解了洗钱活动的危害性、常见手段以及在贵金属、宝石交易中可能存在的风险点，强调了配 合进行客户身份识别、审慎报告大额和可疑交易不仅是法律赋予的义务，更是保护自身权益、维护行业健康发展 的关键举措。 活动现场气氛热烈，吸引了众多群众驻足聆听和咨询，特别是部分对贵金属、宝石投资感兴趣的消费者和周边相 关行业经营者，就如何识别可疑交易、履行法定义务等问题与工作人员进行了深入交流。大家纷纷表示，通过此 次宣传增强了对洗钱行为的辨识能力和防范意识，了解了自身在反洗钱工作中的责任，今后将主动配合 ...

Core Viewpoint - The article emphasizes the importance of anti-money laundering (AML) efforts, highlighting the direct and indirect harms caused by money laundering to society and the economy, and the government's commitment to strengthening legal frameworks and enforcement against such crimes [2][4][9]. Group 1: Direct Harms of Money Laundering - Money laundering undermines the stability of the economic system, leading to economic distortion and disorder [4]. - It acts as a financial lifeline for other serious criminal activities, including drug trafficking, terrorism, smuggling, corruption, fraud, and tax evasion [4]. - It poses significant risks to banks and financial institutions, damaging the credibility of the financial system [3]. Group 2: Government Actions and Legal Framework - Since 2020, the Supreme People's Procuratorate has significantly increased the prosecution of money laundering cases, with 2,971 individuals prosecuted in 2023, nearly 20 times the number in 2019 [5]. - In the first half of 2024, 1,391 individuals were prosecuted for money laundering, representing a year-on-year increase of 28.4% [5]. - The legal basis for prosecuting money laundering includes various articles in the Criminal Law, which have been expanded to include self-money laundering and other related offenses [6][7]. Group 3: Legal Revisions and Enforcement - The Criminal Law Amendment (XI) made significant changes to the definitions and penalties for money laundering, removing terms like "knowingly" and "assist," and including self-money laundering in the scope of prosecution [7]. - The recent legal interpretations clarify the standards for recognizing self-money laundering and other related crimes, providing a clearer legal basis for enforcement [8]. - The government is committed to enhancing the effectiveness of AML measures through improved collaboration between prosecutorial and judicial bodies, establishing mechanisms for better case handling [8]. Group 4: Public Awareness and Prevention - The article encourages the public to enhance their awareness of AML practices and to be cautious with personal financial information [10][11]. - It provides guidelines on what individuals should avoid to protect themselves from potential money laundering activities, such as not sharing personal financial information and being wary of high-return investment schemes [11].