New initiative on recovering fugitives’ assets
Police will not only bring fugitives back to China to face justice, but will also emphasize recovering their illegally gained assets, the Ministry of Public Security said.
The recovery of assets acquired illegally in China will be a new anti-corruption initiative in the coming months, said a senior ministry official who requested anonymity.
Public security authorities will work closely with People’s Bank of China, particularly the division that cracks down on money laundering, the official said.
Authorities also will enhance communication and conduct joint investigations with other countries on a case-by-case basis in an attempt to repatriate corrupt officials so they can stand trial. They also will share intelligence with their counterparts in those countries to locate, freeze and recover the ill-gotten assets, he said last week.
A large number of corrupt officials have transferred billions of yuan in illegal funds to their foreign accounts, either through money laundering or underground banks, the ministry said.