Canada and China are set to sign an agreement on the return of illegal assets seized from fugitives of economic crime, including corrupt officials, China Daily reported, citing a senior Canadian diplomat.
The agreement “is ready to be signed on the return of property related to people who would have fled to Canada and would have been involved in corrupt activities”, Canada’s Ambassador to China Guy Saint-Jacques told the newspaper.
The deal could serve as a model for other countries cooperating in the global effort to clamp down on cross-border corruption, he added.
At the Asia-Pacific Economic Cooperation summit in Beijing on November, leaders of member economies decided to set up a cross-border law enforcement network to strengthen transnational anti-corruption cooperation in the region.
Beijing and Ottawa have “good collaboration” and have repatriated more than 1,200 people in the past three years, including more than 60 who were sought in China for criminal reasons, Saint-Jacques said.
By the end of October, at least 428 Chinese suspects have been captured abroad under Beijing’s Fox Hunt campaign, which was launched in July to track fugitives and bring them to justice, according to the newspaper.
Saint-Jacques said cooperation between police forces of the two countries is “proceeding very well”.
The ambassador also said he is hopeful that a renminbi trading center would be established in Canada in the first part of next year.
In early November, China’s central bank appointed the Industrial and Commercial Bank of China to clear renminbi transactions in Toronto, Canada’s financial center, the report said.
“This well help, in my view, to foster trade relations because we lower the cost of doing transactions by allowing people to do business directly in renminbi,” he said.
At the APEC meeting, the central banks of the two countries reached a currency swap deal worth 200 billion yuan (US$32.3 billion) or C$30 billion, which will be effective for three years.
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