Corrupt Chinese officials smuggled an estimated $123.6 billion of ill-gotten gains out of the country over a 15-year period, according to a report released by China’s central bank… It provided a fascinating insight into the mechanisms behind that corruption by identifying eight ways that officials funneled their illicit funds offshore:
- Overseas casinos were commonly used to launder money in collusion with gaming operators
- Many officials carried large amounts of cash across the border
- or disguised money transfers to relatives, mistresses and other confidantes abroad.
- More sophisticated cadres relied on fake trade documents and overseas investments.
- Others used credit cards to buy large amounts of luxury goods overseas and then used illicit funds to pay back the fees in China.
Jun 18, 2011
How corrupt officials take dirty money out of China
The FT reports: