Report: Chinese officials stole $120 billion
{{#rendered}} {{/rendered}}China's central bank says thousands of corrupt officials have stolen more than $120 billion and fled overseas since the mid-1990s — and the U.S. was a top destination.
The People's Bank of China released a study this week that says between 16,000 to 18,000 government officials and executives at state-owned enterprises smuggled about 800 billion yuan out of China between the mid-'90s and 2008.
The study says the officials smuggled money into the U.S., Australia, Canada and Holland, using offshore bank accounts or investments such as real estate or collectibles.
{{#rendered}} {{/rendered}}The report says the officials masked the thefts as business transactions by setting up private companies to receive the money transfers.
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