China suspends G-20 anti-corruption task force

Hong Kong

CHINA suspended an international anti-corruption task force earlier this year after taking over the G-20 presidency, according to six individuals in the group, who called it a setback to global efforts to crack down on shell companies used to conceal assets.

The so-called "Business 20" Anti-Corruption Taskforce, comprising businesses and civil society groups, had been drawing up G-20 policies for increasing transparency of offshore financial structures, among other work, but the body was scrapped in late January because Chinese companies declined to participate, according to the sources.