Chinese Corrupt Officials Flock to Canada? Canada Tightens Check of Cross-Border Suspect Funds

Chinese Corrupt Officials Flock to Canada? Canada Tightens Check of Cross-Border Suspect Funds
Aug 10, 2016 By eChinacities.com

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According to Reuters report on August 8, capital flight in various forms is a growing concern for the Chinese government. The depreciation of the Renminbi and countrywide anti-corruption initiatives are two of the contributing factors.

Reuters obtained a limited report of funds seizures from the Canada Border Services Agency. The data indicates that from 2012 to 2013 suspect funds seized from Chinese citizens dipped about one quarter, to $5.5 million CAD (exchange rate of one CAD to 0.759 USD). But in 2015, seizures from Chinese citizens jumped to nearly $11.5 million CAD.

So far in 2016, the Canada Border Services Agency has already seized at least $6.5 million in suspect funds. It is expected that total seizures will surpass that of 2015 by the year’s end, with the seizure figures consistently adding up in the second half year.

Source: dwnews.com

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3 Comments

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1

puffudder
comment|72840|24621

There goes the neighborhood !

Aug 12, 2016 23:23 Report Abuse

2

Guest388182
comment|72805|43131

so, foreign gov'ts seize cash and hand it over to china...

Aug 11, 2016 13:14 Report Abuse

3

Guest2650392
comment|72790|294488

Until China proves to the world it has a sound justice system that issues genuine no criminal record certificates, countries not wanting mainland criminals to become their citizens infecting their society and future generations should shut their immigration doors to mainland chinese. The China endemic has already become a pendemic........

Aug 11, 2016 01:31 Report Abuse