China and Canada seal deal on return of assets stolen by fugitive corruption suspects
North American nation one of main destinations for corrupt officials fleeing mainland and agreement said to be first of its kind China has signed with another country
China has sealed a landmark deal on the return of stolen assets with Canada, one of the main destinations for fugitive corruption suspects, state media reported on Friday.
Under the agreement, the two countries will share the assets if their origin cannot be confirmed.
The treaty on the sharing and return of forfeited assets was signed during Premier Li Keqiang’s visit to Canada, which started on Thursday.
This agreement provides an effective legal measure between China and Canada to confiscate criminal proceeds transferred to the other country
It is the first international deal Beijing has signed on recovering stolen assets since it embarked on its high-profile global hunt for graft fugitives two years ago.
“This agreement provides an effective legal measure between China and Canada to confiscate criminal proceeds transferred to the other country, and opened doors to more such cooperation with other countries,” Legal Daily quoted foreign ministry official Sun Ang as saying.
More than a quarter of China’s 100 most wanted graft suspects are believed to live in Canada, but the two countries do not have a formal extradition treaty.
China and Canada have been discussing a pact on recovering illegal assets since 1996, but urgency for the agreement rose as bilateral trade ties grew, Sun said.