China tries again to eliminate 'little coffers'
By Li Xinran |
September 2, 2010, Thursday
|
Print Edition
Print Edition
CHINA is making a new attempt to stamp out illicit accounts known as "little coffers" - money that officials skim from public funds.
The latest clampdown on the long-standing practice has fingered several thousand officials nationwide since April. Some 322 of them were referred to judicial departments.
Nearly 25,000 cash boxes were discovered involving 12.2 billion yuan (US$1.8 billion), the Beijing-based Legal Daily reported yesterday.
Informants who report little coffers, or "small exchequers," to authorities can be rewarded with 3 to 5 percent of the amount involved or up to 100,000 yuan, according to a policy begun last month.
China has launched similar nationwide crackdowns in 1989, 1995 and last year.
An official circular titled "Directions on Deepening the Crackdown of Small Exchequers" warned that officials' attempts to hide illicit accounts or spend funds "in a blitz" will lead to "harsh punishment."
"The illegal phenomenon has resulted in inaccuracy in accounting, disturbance in market order, losses in state income and property and corruption," it said.
Central and local departments now have more access to more cash than ever before, and diversion of these funds is a serious problem.
The latest clampdown on the long-standing practice has fingered several thousand officials nationwide since April. Some 322 of them were referred to judicial departments.
Nearly 25,000 cash boxes were discovered involving 12.2 billion yuan (US$1.8 billion), the Beijing-based Legal Daily reported yesterday.
Informants who report little coffers, or "small exchequers," to authorities can be rewarded with 3 to 5 percent of the amount involved or up to 100,000 yuan, according to a policy begun last month.
China has launched similar nationwide crackdowns in 1989, 1995 and last year.
An official circular titled "Directions on Deepening the Crackdown of Small Exchequers" warned that officials' attempts to hide illicit accounts or spend funds "in a blitz" will lead to "harsh punishment."
"The illegal phenomenon has resulted in inaccuracy in accounting, disturbance in market order, losses in state income and property and corruption," it said.
Central and local departments now have more access to more cash than ever before, and diversion of these funds is a serious problem.
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