• Runaway China official suspected of graft repatriated

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    SHANGHAI: A former Chinese official accused of corruption who fled overseas returned home on Saturday after being forcefully repatriated from Singapore, state media reported.

    Li Huabo, a former financial official in the central province of Jiangxi who is suspected of embezzling 94 million yuan ($15.4 million), fled China in 2011, the official Xinhua news agency said.

    The Communist Party’s corruption watchdog showed a photo on its website of Li being marched down the stairs of an airplane with a police officer holding each arm.

    Li was sentenced to 15 months in prison by a Singapore court on another charge, served the jail term and then was repatriated after his release, Xinhua said. It did not say when or if he would face trial in China.

    He was brought home under a new government initiative to track down top fugitives suspected of corruption who have fled overseas, called “Sky Net” in Chinese.

    Li is shown second on a list of 100 wanted people issued in April as part of the campaign, with a photo of him sporting a moustache and a red polo shirt.

    The new set of photos posted Saturday on the website of the Central Commission for Discipline Inspection showed him appearing older, wearing eyeglasses and handcuffs.

    Chinese President Xi Jinping launched a high-profile campaign against corruption accompanied by a government austerity campaign after he came to power more than two years ago.

    But critics say the Communist Party has resisted introducing systemic reforms seen as key measures against graft, such as publishing officials’ assets, relaxing controls on media and establishing an independent judiciary.

    AFP

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    1. Source:
      http://www.fcpablog.com/blog/2015/4/30/uk-supreme-court-when-is-money-laundering-its-own-crime.html

      UK Supreme Court: When is money laundering its own crime?

      “The circumstances in which a money laundering offense may also constitute a substantive criminal offense was the subject of a UK Supreme Court decision last week.”

      This same decision can be implemented on tax evasion offenses adding only three words on a new revised decision by the UK Supreme Court: … money laundering “and tax evasion” offense may also constitute a substantive criminal offense … because of the “close nature” of them.

      Of course this issue belong also to the OECD members to implement “equal rules” on fighting financial crimes on global level.

      They was also a news about HSBC view: “HSBC pledged to decide whether to leave the UK within months on Tuesday as its chief executive said Britain had rejected the universal banking model that Europe’s largest bank aspires to. ”

      Seems that HSBC and other banks want to become a “monopolistic financial entity” and for this reason the only acceptable rules should be called “universal banking rules” that every banker should scrupulously follow.
      And the information exchange between 1. Banks, 2. Tax authorities, 3. Property registers 4. Car registers and 5. Stock exchange will be a reality in near future to fight against all kind of financial offenses and crimes.

      Mario Hakulinen
      World citizen

      https://disqus.com/by/mariohakulinen/