Chinese officials stole $120 billion, fled mainly to US

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Chinese officials stole $120 billion, fled mainly to US

Post by ToddS on Fri Jun 17, 2011 8:55 pm

17 June 2011 Last updated at 11:56 ET

Chinese officials stole $120 billion, fled mainly to US

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The stolen funds were allegedly smuggled out of China between the mid-1990s and 2008

Thousands of corrupt Chinese government officials have stolen more than $120bn (£74bn) and fled overseas, mainly to the US, according to a report released by China's central bank.

Between 16,000 and 18,000 officials and employees of state-owned companies left China with the funds from the mid-1990s up until 2008.

The officials used offshore bank accounts to smuggle the funds, according to the study posted on the People's Bank of China website this week but which has since been removed.

It said the officials smuggled about 800 billion yuan into the US, Australia, Canada and Holland through offshore bank accounts or investments, like property or collectables.

The stolen funds were covered up by disguising them as business transactions by establishing private companies to receive the money transfers.

The study said corruption inside China was severe enough to threaten the nation's economic and political stability.

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