These "naked officials," as they are known in China, have long been able to launder money without attracting too much attention. They have been joined bythousands ofwealthy citizens who want to move money out of China.
Chinese buying spree for U.S. homes
The flow of cash is taking place in spite of Beijing's rules that limit the amount of money an individual can move out of China to $50,000 per year.
CCTV claimed that Bank of China's actions are helping to fuel a wave of Chinese emigration to destinations including the United States, Australia and Canada.
Almost two-thirds of Chinese with more than 10 million yuan ($1.6 million) in the bank have emigrated, or are planning to, according to research firm Hurun.