According to a report published in China by the Central Bank (that has since been removed) and reported by the BBC, close to 20,000 public officials in China have collectively removed about $120 billion from China and transferred it to Canada, the US, Australia and the Netherlands through the use of offshore structures such as trusts, foundations, companies and property purchases.
The funds were removed from mid-1990s to 2008.
According to the Report, officials in China determined that Chinese public officials set up bogus entities to justify the transfers of funds while they were the intended recipients. In all, the report seems to suggest that upwards of $10 billion is removed from China by corruption annually.
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