Recently, the State Administration of Financial Supervision and Administration and the Ministry of Public Security jointly released a batch of typical cases to punish "black and grey products" in the financial sector, covering various criminal behaviors such as loan fraud, insurance fraud, and infringement of citizens' personal information. The release of these typical cases highlights China's firm determination to crack down on financial "black and gray industries" throughout the entire chain, and also demonstrates the practical effectiveness of deepening departmental linkage, coordination, and integrated governance of financial crimes. Finance should serve the real economy and promote high-quality economic development. However, the proliferation of financial "black and gray products" seriously disrupts the normal order of investment and financing, and can easily lead to the adverse consequences of bad money driving out good money. In the case of illegal lending and illegal business operations carried out by a certain investment company, Huang, and others under the pretext of "buying houses on behalf of others", illegal loan intermediaries fraudulently obtained operational loans and charged high fees by forging materials and other means. This not only infringed on relevant property rights and squeezed the credit resources that should have flowed to small and micro enterprises, but also seriously distorted the function of operational loans serving the real economy due to their "industrialization" and "chain" operation mode. In this case, the company involved was found to have committed the crime of illegal business operations, and all defendants were sentenced to imprisonment. Similarly, in the case of Miao fabricating business materials to commit loan fraud, Miao fabricated his business capabilities by controlling shell companies, forging trade contracts, and other means to obtain credit loans from financial institutions. His behavior not only has the nature of property fraud, but also undermines the national financial management order and weakens the effectiveness of financial relief policies, which can be regarded as a serious infringement on collective legal interests. Pursuing criminal responsibility for the above-mentioned behaviors in accordance with the law is not only a severe punishment for offenders, but also a clear signal to society that participating in financial activities must strictly abide by the legal bottom line, which helps to maintain a healthy financial ecology and a fair market environment. From these typical cases, it is clear that in order to effectively prevent systemic financial risks, it is necessary to ensure the safety of credit funds of financial institutions. One of the core purposes of cracking down severely on financial "black and gray assets" is to reduce the principal losses of financial institutions and safeguard the bottom line of national financial security. Whether it is fabricating materials to commit loan fraud or recruiting "white households" to commit loan fraud, the amount of unpaid loan principal in related cases is often huge, and the social harm is far-reaching. Cracking down on such crimes is not only to deter criminals and achieve special prevention, but also to help damaged institutions recover assets and reduce losses from a governance perspective, achieving the unity of deterrence and disposal effectiveness. In addition to punishing fraudulent activities, it is equally important to crack down on their upstream and downstream industrial chains. The case of Wang and others illegally purchasing citizens' personal information and "proxy surrender" is a model for cracking down on upstream illegal acquisition of citizens' information crimes. Financial 'black and grey products' not only involve core crimes that directly infringe on property rights and disrupt financial order, but also peripheral crimes that provide support for them. To achieve comprehensive prevention of financial crimes, it is necessary to fundamentally eradicate the breeding ground for "black and gray products" by punishing the entire chain of upstream and downstream crimes. In the process of comprehensively governing the "black and grey products" of finance, although criminal crackdown is crucial, it is not the only means. An effective crime prevention system must go beyond simple post punishment and build a coordinated defense line that runs through the pre event, during event, and post event stages. This requires close cooperation and synergy between judicial authorities and industry regulatory departments. In the process of investigating and handling this batch of cases, the financial regulatory authorities have continuously strengthened their coordination and linkage with the public security organs. Through innovative digital supervision models, actively transferring illegal and criminal clues, deepening cross departmental cooperation, and continuously promoting the connection of execution, the linkage between law enforcement and judiciary has been achieved. This also reflects the work approach of balancing punishment and governance, and curbing the development trend of "black and gray industries" from the source. In the contract fraud case carried out by Song and others under the name of "short-term surrender", the criminal gang induced policyholders to purchase long-term insurance first and then surrender in the short term, in order to obtain insurance commissions. Their methods were covert and their nature was malicious. The investigation and handling of this case highlights the clear orientation of adhering to source control and purifying the ecology of the insurance industry, and is committed to forming a coordinated force of industry self-discipline, regulatory law enforcement, and judicial crackdown, in order to prevent financial "black and gray production" organizations from harming consumer rights and disrupting the management system and operational order of financial institutions. In summary, building a strong financial security barrier requires not only improving the legal and regulatory system, but also leveraging the warning, educational, and guiding role of typical cases. The release of this case not only provides practical reference for preventing and punishing illegal activities in the financial sector, but also vividly demonstrates the improvement of long-term prevention and control mechanisms and the deepening of departmental cooperation. The active performance of financial institutions and relevant regulatory departments and their active integration into crime governance are key to achieving comprehensive governance in the financial sector. In the future, we should continue to carry out publicity and education on typical cases of financial crimes, accelerate the construction of an efficient prevention and control model of "industry investigation clues, public security investigation cases, and public joint prevention", truly prevent and resolve financial risks from the source, and maintain the health and stability of the financial market. (Xinhua News Agency) (Author Yin Bo, Director of the Financial Crime Research Center and Professor at the Institute of Evidence Science, China University of Political Science and Law)