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China targets fugitive officials’ money laundering

Updated: Apr 16,2015 8:40 PM     Xinhua

BEIJING — Chinese law and economic authorities have launched a campaign against money laundering via offshore companies and underground banks, targeting corrupt officials who have fled abroad.

According to an announcement on April 16, five departments including the central bank and the Supreme People’s Procuratorate are working in partnership to block channels by which fugitive officials may transfer illegal income overseas.

The move is part of the larger “Sky Net” anti-corruption campaign that was launched in March with the aim of repatriating Chinese suspected of official or economic corruption. Sky Net combines government, the Communist Party, the central bank and diplomatic services.