Canada and China are on the verge of signing a groundbreaking deal to share the money-laundered homes, cars and funds of Chinese corruption suspects, while China also seeks to race ahead with alternative asset-seizure plans.
In a recent interview with Chinese media, Canadian ambassador Guy Saint-Jacques confirmed the two governments are finalizing plans to share the money and property of Chinese fugitives who have fled to Canada. Chinese reports have suggested 80 per cent of any fugitive’s identified assets would be shared, without detailing how shares would be divided. The long-anticipated deal — which sources say will be finalized within months when Canadian agencies are staffed and trained to enforce the plan — will be China’s first such agreement and a model for other countries, according to Saint-Jacques and Chinese officials.
“It will provide a legal basis for Canada to share the proceeds of forfeited assets with China,” Saint-Jacques told the China Daily. The story mentions the case of prominent Vancouver developer Michael Ching, a.k.a. Muyang Cheng, who is wanted in China on corruption allegations. Michael Ching denies all allegations.
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