National Audit Office: Some financial regulatory officials use virtual currency to hide the source of transfers

On the morning of June 25, the National Audit Office, entrusted by the State Council, reported to the Standing Committee of the National People's Congress on the audit of the implementation of the central budget and other fiscal revenues and expenditures in 2023. The report stated that the means of corruption are more invisible and innovative. With the intensification of anti-corruption efforts, corruption behaviors such as information technology and regulatory loopholes have become more concealed, and new types of corruption and hidden corruption have begun to emerge. The "Report" gave an example that a department-level cadre of a financial regulatory department used his position to support a specific private enterprise to improve its industry competitiveness for a long time, collected huge sums of money and equity, and concealed the source of private enterprise transfers through "technical processing" such as first deposit and then withdrawal at the same outlet, borrowing relatives' bank accounts, and virtual currency transactions, showing typical technical characteristics.