(ECNS) -- Courts in China are set to establish online links with all banks and financial institutes to better trace hidden assets and dramatically improve the execution of judgments.
A circular issued by the Supreme People's Court and China Banking Regulatory Commission confirms that courts will be authorized to check, freeze, or conduct financial transactions related to the accounts of any person convicted.
Work to prepare more than 4,000 banks and financial institutes to be part of the scheme is scheduled to be finished by the end of February. Upon completion, a judge will be able to access the financial information of any person subjected to prosecution and take legal action against the person's assets with a click of a mouse.
An insider said cooperation will greatly improve the efficiency of judicial decision making and also save costs. In the past, those convicted often hide personal assets in other banks and delayed paying creditors.
During a trial period that started in October 2014, more than 3,000 courts in 30 provinces used their connections with some 21 national banks and financial institutes to access and control the personal assets of those subjected to court procedures.
