Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Australia returns funds to China from money-laundering swoops

Published 26/09/2017, 03:31
Updated 26/09/2017, 03:40
© Reuters.  Australia returns funds to China from money-laundering swoops

© Reuters. Australia returns funds to China from money-laundering swoops

MELBOURNE (Reuters) - Australia has returned around A$215,000 (126,114 pounds) to China in funds it has seized from money laundering cases as the two countries agreed on Tuesday to beef up efforts to crack down on financial crime.

Australia has been working with China's "Operation Fox Hunt" to snare suspected corrupt officials who have fled overseas or hidden assets offshore. A handful of the 100 top suspects wanted by Beijing are living in Australia.

Australian Federal Police Commissioner Andrew Colvin said the payment demonstrated that Australia was a "hostile environment for criminals seeking to hide their illegally-obtained assets."

However, the returned money is tiny compared to the A$4.8 billion in Chinese direct investment into Australia in 2016.

Colvin was in Beijing for talks with the Ministry of Public Security.

The two countries have set up a joint working group to combat financial crime and money-laundering and track down assets linked to the proceeds of crime in both countries. Australian police said the group was the first of its kind with China and would extend the reach of Fox Hunt.

They also plan to formalise future cooperation on a range of crime types, including terrorism, that could impact security in both countries.

China outbound investment has dropped this year as Beijing has clamped down on capital outflows, looking to curb "irrational" investment in property and other sectors. Australia is among the favoured destinations for Chinese buying housing and commercial property offshore.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.