I am disturbed by the failure of factions in Chinese politics to effectuate any meaningful reform. I note that a number of "princelings," the sons and daughters of high-ranking officials and military officers, have been appointed to senior positions in both the civilian government, and military forces, and not the reform element.
This impacts compliance officers at international banks, outside of China, that have accounts of high net-worth Chinese, for it appears that the princelings, and their extended families, are the worst offenders in the rampant corruption that infects China today. This means that the bribes and kickbacks they receive, and the lucrative government contracts they grant to their associates, will continue to pose a clear and present danger to international banks who accept them as clients.
|What UK banks hold their millions, I wonder ?|
|The Sporting Life|