Eight ways to transfer illegal assets overseas

BEIJING - Corrupt officials and company executives in China transfer their assets overseas through at least eight channels, according to a report released on Monday by the Anti-Money Laundering Monitoring and Analysis Center set up by the People's Bank of China.

Often a combination of legal and illegal channels is used to make cross-border transfers of ill-gotten gains, the report said.

The eight main channels are smuggling cash, underground banking services, trade under current accounts, overseas investment, credit cards, offshore financial centers, direct overseas payments and payments to family members or lovers living overseas.