Thousands of corrupt Chinese officials have stolen more than $120bn (£74.2bn) and fled overseas since the mid-1990s, according to a report by the country's central bank.
The report, released this week by the People's Bank of China, says between 16,000 and 18,000 government officials and executives at state-owned enterprises smuggled about $123bn out of China between the mid-1990s and 2008.
Officials are accused of smuggling money into the US, Australia, Canada and Holland, using offshore bank accounts or investments such as real estate or collectibles. They masked the thefts as business transactions by setting up private companies to receive the money transfers, according to the report.
China has launched numerous efforts in recent years to curb graft, which is often a focal point of protests and is seen as a major threat to political and economic stability. Corruption among Communist party officials is still common, however.
The report said that aside from punishing guilty officials, China should improve monitoring of asset transfers and revise methods of payment overseas.
Chinese prosecutors have made some high-profile moves in the hope of deterring graft among the rank and file. In China's largest recent corruption scandal, the powerful party boss of Shanghai, Chen Liangyu, was sentenced to 18 years in prison in 2008.
Report reveals huge scale of corruption among Chinese government officials | World news | The Guardian
Lol, and you guys say Indian officials have a Swiss bank complex...
The report, released this week by the People's Bank of China, says between 16,000 and 18,000 government officials and executives at state-owned enterprises smuggled about $123bn out of China between the mid-1990s and 2008.
Officials are accused of smuggling money into the US, Australia, Canada and Holland, using offshore bank accounts or investments such as real estate or collectibles. They masked the thefts as business transactions by setting up private companies to receive the money transfers, according to the report.
China has launched numerous efforts in recent years to curb graft, which is often a focal point of protests and is seen as a major threat to political and economic stability. Corruption among Communist party officials is still common, however.
The report said that aside from punishing guilty officials, China should improve monitoring of asset transfers and revise methods of payment overseas.
Chinese prosecutors have made some high-profile moves in the hope of deterring graft among the rank and file. In China's largest recent corruption scandal, the powerful party boss of Shanghai, Chen Liangyu, was sentenced to 18 years in prison in 2008.
Report reveals huge scale of corruption among Chinese government officials | World news | The Guardian
Lol, and you guys say Indian officials have a Swiss bank complex...
