"An initiative to propose international community to work out and sign a universal convention on the return of assets has come up in BRICS. It is an extremely important issue for China," Andrey Denisov told Russian media outlets.
BRICS is an association of five developing economies (Brazil, Russia, India, China, South Africa), which comprise over one third of the world’s population. The five nations have a combined nominal GDP equivalent to approximately 20 percent of world gross product.
After assuming office in 2012, Chinese President Xi Jinping launched a large-scale campaign against corruption, primarily targeting high-level officials in the Communist Party, the armed forces and state-run enterprises. Within the campaign, the Chinese Ministry of Public Security proposed an initiative aimed at recovering illegal assets from abroad.