Australia poised to seize assets of corrupt PRCs

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Australia poised to seize assets of corrupt PRCs

October 22nd, 2014 | Author: Online Press

(21 Oct) – Australia is poised to help China seize assets from corrupt officials and assist Beijing in extraditing economic fugitives, a report said Tuesday.
Corruption has caused widespread public anger in China, and President Xi Jinping has vowed to root out crooked officials ranging from high-ranking “tigers” to low-level “flies”.
Recent reports said several of Beijing’s most-wanted had been tracked to Australia — a country, along with the United States and Canada, seen as a favoured destination for illicit Chinese money.
Commander Bruce Hill, the manager of the Australian Federal Police’s operations in Asia, said authorities were ready to seize assets of corrupt officials within weeks, in an unprecedented joint operation with their Chinese counterparts.
He told the Sydney Morning Herald that both sides had agreed on a priority list of alleged economic fugitives who have taken residence in Australia.
Among them are naturalised Australian citizens and permanent residents who for years have laundered money under the guise of being genuine investment or business migrants from China, according to a report published in the newspaper Tuesday.
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Last week China’s foreign ministry expressed concern that Australia’s introduction of a new “premium investor visa” — giving immigrants residency after a year if they invest Aus$15 million (US$13 million) — could be abused by corrupt Chinese officials.
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“We need the Australian cooperation on this. We don’t want these corrupt officials or fugitives to find safe havens overseas.”

[Read more: Yahoo! News]


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