Corrupt Chinese Officials Run off With $120 Billion

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Corruption and money laundering are long-standing problems in China. Those *problems* may not be leaving China anytime soon--but the *money* is. A new report says corrupt officials have taken more than 120 billion dollars out of the country.

Take the money and run. That's apparently what thousands of corrupt Chinese communist officials have been doing with their riches. As many as 18,000 officials have left China between the mid-90s and 2008. And they've taken more than 120 billion dollars with them, according to a report released by China's central bank last week.

This 67-page report, dated 2008, has now been removed from the People's Bank of China's website. It says the United States is the top destination for corrupt communist officials and their money. Australia, Canada and Holland are also popular.

These officials and employees of state-owned enterprises transfer their money out of China through offshore banking accounts, or investments into things like real estate.

[Cao Chang-qing, Political Commentator]:
"Whether you're hardworking or corrupt, many people are looking to shift their wealth to the U.S. There is a common theme. That is, there is no certainty about China's system and future, and people don't feel safe about what may unfold in the future."

China's communist regime has been eager to fight corruption, which has become the source of many social outbursts. Despite these efforts, the problem remains pervasive across the country.

The report's author—China Society for Finance and Banking—issued an online statement last Thursday after a flurry of media attention. It said the report contained incorrect figures, and advised against using it.

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[ProfeshenulRedneck]

@TheRandomSweed exactly.

[TheRandomSweed]

Thats communism for you...

[SofaKingWeTodEd666]

@MrJulesPT then you would lose that bet my friend! =)

[MrJulesPT]

@SofaKingWeTodEd666 ahahah i bet you support one world government, one world religion, ie all that zeitgeist CRAP

[watup2154]

Since 1990s Capitalist China is Financing World Jewish Wars + USA + EUROPE

[SofaKingWeTodEd666]

@sukebegaijin1 ikr, shes hawt

[SofaKingWeTodEd666]

@blogbat communism itself doesn't breed corruption, everyday human greed does, greed is one of the worst human traits there is, greed is the cause of most of the worlds suffering!

and i think human beings are doomed as a species, if we don't evolve beyond it and learn that we are all one people, one world.

[blogbat]

"Corrupt" and "Communist" are redundant.

[krislyttle]

I cannot help but wonder if they were all going to lose in some power struggle with some others higher up in the food chain, which means it was probably a wise move on their part. Had they stuck around.... bullet through the brain.

Or, they're just fucking crooks and I'm giving them too much credit.

[sukebegaijin1]

I love you miss anchor.