China targets overseas fund transfers in graft fight

April 16, 2015 10:38 AM

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BEIJING, April 16 (Reuters) - China has launched a coordinated crackdown by several departments targeting offshore companies and underground banks that transfer assets abroad, the corruption watchdog said on Thursday, in the latest step to battle graft.

The campaign will be led by the central People's Bank of China in coordination with the Ministry of Public Security, Supreme Court, state prosecutors' office and State Administration of Foreign Exchange and last until the end of the year, the watchdog said in a statement on its website.

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