The Communist Party of China has placed travel restrictions on officials, their spouses and children in anattempt to prevent them from fleeing the country and transferringfunds abroad.Claw backs would be really fascinating to watch.
The CPC Central Commission for Discipline Inspection introduced the restrictions at a meeting that took place May 23, according to Chinese media reports.
In addition, anti-money laundering inspections will be conducted, as well as monitoring of cross-border finances, fighting underground loan sharks and stopping capital from flowing abroad.
Saturday, May 26, 2012
New Restrictions on Chinese Officials' Travel and Money
What took them so long? The report and $120 billion cited in the article were prior to 2008. Prior to the massive stimulus which dumped even more unchecked money into the system. The numbers must be much much higher by now. Chinese authorities restrict officials' overseas travel