China looking at deal with US to recover dirty assets

US President Barack Obama (L) and Chinese President Xi Jinping shake hands at the end of their news conference in the Great Hall of the People in Beijing November 12, 2014.

BEIJING - China is looking at signing an agreement with the United States to target assets illegally taken out of China by corrupt officials, a newspaper said on Monday, as the government tightens the screws in its anti-graft battle.

China has vowed to pursue a search, dubbed Operation "Fox Hunt," beyond its borders for corrupt officials and business executives, and their assets.

But Western countries have balked at signing extradition deals with China, partly out of concern about the integrity of its judicial system and treatment of prisoners. Rights groups say Chinese authorities use torture and that the death penalty is common in corruption cases.

The state-run China Daily said the central People's Bank of China was talking to the US Treasury Department's Financial Crimes Enforcement Network about signing an agreement targeting ill-gotten assets held in the United States.

China is set to finalise a similar deal with Canada, Chinese state media reported this month.

The central bank was also looking at a deal with Australia, the China Daily said, citing Zhang Xiaoming, deputy head of the Finance Ministry's legal assistance and foreign affairs department.

"After the agreements are made, China will share intelligence with the US and Australia, which will also offer information to their enforcement agencies to conduct further investigations," Zhang told the English-language paper.

"Once law enforcement officers in the US and Australia identify illegal funds, they will immediately initiate judicial procedures to freeze and confiscate those criminal proceeds in their countries."

The United States, Canada and Australia are popular locations for corrupt officials to transfer their assets, the paper added.

But legal problems have prevented China from getting these assets back, Zhang said.

"Although the US Federal Bureau of Investigation or Australian police have traced the assets and collected enough evidence to identify them as ill-gotten gains, they are unable to take immediate measures to freeze and confiscate them due to the lack of asset restraining orders from the Chinese courts."

President Xi Jinping has vowed to go after high-ranking "tigers" as well as lowly "flies" in his campaign against corruption.

China this month asked the United States to help it track down more than 100 people suspected of corruption. At least 428 Chinese suspects had been captured abroad by early December under the "Fox Hunt" campaign, the China Daily said.

More about

China corruption
Purchase this article for republication.

VIDEOS YOU SHOULD WATCH

  • #Joeyjios: We try bubble tea mala hotpot and bubble tea toast

    Full story: http://www.asiaone.com/food/we-try-bubble-tea-mala-hotpot-and-bubble-tea-toast-guess-which-ones-got-us-hooked Mala and bubble milk tea within the same hotpot? What about bubble tea on toast? Who even comes up with these ideas?! This week on #Joeyjios, we give these dubious food creations a taste-test to see if they're worth your time, money and calories. #bubbletea #bbt #boba --- Read more: http://www.asiaone.com/ FOLLOW us on - Facebook: https://www.facebook.com/asiaonecom - Twitter: https://twitter.com/asiaonecom - Instagram: https://www.instagram.com/asiaonecom/ EMAIL: For story leads, business enquiries, contact asiaone@mm2entertainment.com
  • Thirstdays: Where we talk weird dates and wild fantasies

    Full story: https://www.asiaone.com/entertainment/thirstdays-where-we-talk-weird-dates-and-wild-fantasies Ooo, it's been a hot week and the thirst is real at AsiaOne. Join Le En and Bryan as they chat about weird dates, constant 'cravings', and Beyonce's thigh gap! And they are quenching that thirst with a cup of root beer float to celebrate the return of a certain fast food restaurant. Thirstdays is a fortnightly AsiaOne #entertainment series where our hosts Le En and Bryan give you a peek into their personal lives while they satisfy their thirst over a drink, have a no-holds-barred chat, and do fun things. #gossip #confessions #realness --- Read more: http://www.asiaone.com/ FOLLOW us on - Facebook: https://www.facebook.com/asiaonecom - Twitter: https://twitter.com/asiaonecom - Instagram: https://www.instagram.com/asiaonecom/ EMAIL: For story leads, business enquiries, contact asiaone@mm2entertainment.com
  • Don't Say Cannot Ep4: He beats people up, but for the country

    Full story: http://www.asiaone.com/singapore/dont-say-cannot-delinquent-national-wrestler He used to beat people up, simply because he had "too much energy" to expend. Now, he still beats people up - but for the country. Meet 24-year-old #Singapore national wrestler Toh Xin Ran. Seeing the number of medals that he has been awarded and the respectful manner in which he now interacts with his wrestling coach, it is hard to imagine that Xin Ran used to be a troubled kid in his younger days. #wrestling #sportsman --- Read more: http://www.asiaone.com/ FOLLOW us on - Facebook: https://www.facebook.com/asiaonecom - Twitter: https://twitter.com/asiaonecom - Instagram: https://www.instagram.com/asiaonecom/ EMAIL: For story leads, business enquiries, contact asiaone@mm2entertainment.com
  • #Joeyjios: Taste-testing The Alley Luxe and CHICHA San Chen

    Full story: https://www.asiaone.com/food/alley-luxe-and-chicha-san-chen-opens-week-heres-what-try A Michelin-standard bubble tea for $4.70? A drink that looks like the Northern Lights? This week, #Joeyjios her colleague Le En to check out two new bubble tea (BBT) stores that are opening along Orchard Road. Which will they prefer? Watch to find out. #Thedeerishere #TheAlley #Chichasanchen #Boba --- Read more: http://www.asiaone.com/ FOLLOW us on - Facebook: https://www.facebook.com/asiaonecom - Twitter: https://twitter.com/asiaonecom - Instagram: https://www.instagram.com/asiaonecom/ EMAIL: For story leads, business enquiries, contact asiaone@mm2entertainment.com
  • Office Tea Episode 5: Bosses and Things

    It’s been a few weeks - let’s find out if the higher-ups of AsiaOne have any regrets about hiring Le En. Efforts were made to make nice, charity is involved and work is never-ending still. Follow and subscribe so you won't miss a single episode of our new series, Office Tea! To catch more of her antics, follow her @goofy_feline! --- Read more: http://www.asiaone.com/ FOLLOW us on - Facebook: https://www.facebook.com/asiaonecom - Twitter: https://twitter.com/asiaonecom - Instagram: https://www.instagram.com/asiaonecom/ EMAIL: For story leads, business enquiries, contact asiaone@mm2entertainment.com
  • #Joeyjios: DIY your way into mum's heart this Mother's Day

    Full story: https://www.asiaone.com/women/joeyjios-diy-your-way-mums-heart-mothers-day Mother’s Day is this Sunday! Have you gotten mum a gift yet? This week on #Joeyjios, Joey tries her hand at DIY projects that’s thoughtful, useful and inexpensive. #Mothersday #DIY --- Read more: http://www.asiaone.com/ FOLLOW us on - Facebook: https://www.facebook.com/asiaonecom - Twitter: https://twitter.com/asiaonecom - Instagram: https://www.instagram.com/asiaonecom/ EMAIL: For story leads, business enquiries, contact asiaone@mm2entertainment.com
  • Don't Say Cannot Ep3: He 'sees' the world with the help of tech

    Full story: https://www.asiaone.com/singapore/dont-say-cannot-he-may-be-blind-he-can-text-faster-you Edwin Khoo, 43, surprises friends with the speed at which he types on his phone. The reason? He's been blind since birth. But #technology has been the game-changer for Edwin in navigating the world around him despite his #disability, allowing him to #travel and even host his own online #podcast. --- Read more: http://www.asiaone.com/ FOLLOW us on - Facebook: https://www.facebook.com/asiaonecom - Twitter: https://twitter.com/asiaonecom - Instagram: https://www.instagram.com/asiaonecom/ EMAIL: For story leads, business enquiries, contact asiaone@mm2entertainment.com
  • Office Tea Episode 4: The Dress Code

    It’s in the employee handbook - but does ANYONE actually read and follow the dress code? Are calves too scandalous? Le En puts on Athleisure and tries to get away with it! Follow and subscribe so you won't miss a single episode of our new series, Office Tea! To catch more of her antics, follow her @goofy_feline! --- Read more: http://www.asiaone.com/ FOLLOW us on - Facebook: https://www.facebook.com/asiaonecom - Twitter: https://twitter.com/asiaonecom - Instagram: https://www.instagram.com/asiaonecom/ EMAIL: For story leads, business enquiries, contact asiaone@mm2entertainment.com
  • Caryn Cheng finds the best deals at IMM's Greater Savings Home and Furnishing Sale

    Full story: https://www.asiaone.com/singapore/5-couples-share-most-expensive-items-they-have-ever-bought-their-home AsiaOne challenges Caryn Cheng to find the best deals at the upcoming #IMM Greater Savings Home and Furnishing #Sale. IMM's Greater Savings Home & Furnishing Sale will start May 13 to 19. With 20 per cent off storewide at Best Denki and discounts of up to 50 per cent at stores such as INKAGU Outlet by Picket & Rail, Linen Gallery Outlet and Red Apple from May 17 to 19, this epic sale is not to be missed. Address: 2 Jurong East Street 21, Singapore 609601 Opening hours: 10am to 10pm #brandedcontent --- Read more: http://www.asiaone.com/ FOLLOW us on - Facebook: https://www.facebook.com/asiaonecom - Twitter: https://twitter.com/asiaonecom - Instagram: https://www.instagram.com/asiaonecom/ EMAIL: For story leads, business enquiries, contact asiaone@mm2entertainment.com
  • #Joeyjios: I try a ballet-inspired workout despite my two left feet

    Full story: https://www.asiaone.com/singapore/joeyjios-i-try-ballet-inspired-workout-despite-my-two-left-feet Tendu, Arabesque and Grand Pliés? This week on #Joeyjios, I found out that these are in fact, not edible food dishes, but dance moves in ballet.  Watch as former professional ballerinas and co-founders of #BalletBody, Lisha Chin and Alison Carroll, take me through a snippet of their hour-long ballet-inspired workout while I try my best to keep up.  #Ballet #Barre #Fitness --- Read more: http://www.asiaone.com/ FOLLOW us on - Facebook: https://www.facebook.com/asiaonecom - Twitter: https://twitter.com/asiaonecom - Instagram: https://www.instagram.com/asiaonecom/ EMAIL: For story leads, business enquiries, contact asiaone@mm2entertainment.com

SERVICES