18 Jun '11, 9am

Corrupt officials funnelled S$153 billion out of China

BEIJING - Corrupt Chinese officials fled to the West with more than 800 billion yuan (S$153 billion) in "black money" in the two decades to 2008, according to a report by the country's Central Bank anti-money laundering bureau. A total of nearly 18,000 officials drawn from Communist Party cadres, state-owned companies executives, police, judicial and customs officers were alleged to have siphoned off the funds, escaping to the West, often via small African and Asian countries. The details of how corrupt officials embezzled billions and then smuggled their ill-gotten gains out of China evading the country's capital controls are contained in a 67-page report that appeared this week on the People's Bank of China website. Stamped "internal materials, store carefully" and compiled in June 2008, the report was apparently published after winning a finance industry award, but was ...

Full article: http://www.todayonline.com/Hotnews/EDC110618-0000256/Corr...

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