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Shanghai tops the country in financial crimes

SHANGHAI had the largest share of financial crimes reported nationwide from 2006 to 2010, according to a report released by the National Financial Crime Commission today.

The report said the number of financial crimes handled by local prosecutors accounted for more than 10 percent of the national total. The city was followed by Guangdong and Zhejiang provinces with a share of 9.24 percent and 8.48 percent respectively.

During the past five years, the number of financial crimes surged from 4,000 to 12,000 nationwide. More than 50,000 offenders involved in 30,000 cases were convicted, the report said.

China's Criminal Law specifies 37 kinds of financial crimes, including credit card fraud, bribery and corruption. Credit card fraud represented 38.8 percent of all the cases in the five years.

Shanghai also topped all other provinces and municipalities in the number of financial fraud cases with a share of nearly 14 percent. Zhejiang and Guangdong took the second and third places.

The National Financial Crime Commission was set up today in Shanghai to strengthen the fight against financial crimes, identify regulatory loopholes and provide professional advice to prosecutors when dealing with financial crimes.


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