China’s anti-corruption legal framework is about to extend beyond its borders
A draft law aimed at combating cross-border corruption has been submitted for its first reading by the country’s top legislature
On Tuesday, the draft Anti-Cross-Border Corruption Law was submitted for its first reading during the 24th session of the Standing Committee of the 14th National People’s Congress (NPC), which runs until Friday.
The text of the bill is not yet available to the public.
Enacting the law is a vital initiative to complete China’s foreign-related legal framework, protect national interests, promote compliant overseas business growth and “enrich the legal ‘toolbox’ for fugitive repatriation, asset recovery and handling foreign-related corruption cases”, according to state news agency Xinhua.
The law codifies a decade of anti-corruption practices to close jurisdictional loopholes and target offshore financial crimes, aiming to resolve long-standing systemic hurdles, specifically the “difficulty in detecting, collecting evidence, repatriating illicit assets” and prosecuting offshore offences, it said.
Comprising six chapters and 47 articles, the draft law establishes key principles, scope and national positioning regarding cross-border corruption.