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Children's charity refutes money laundering suspicions


09:16, December 21, 2012

BEIJING, Dec. 20 (Xinhua) -- A children's charity suspected of laundering money announced on Thursday that the results of a third-party auditing agency have cleared the suspicions, blaming a serious accounting mistake for the controversy.

Based on auditing results and relevant laws and regulations, "The China Charities Aid Foundation for Children (CCAFC) did not conduct money laundering activities involving 4.8 billion yuan (about 770 U.S. dollars) in 2011," said Cao Fengliang, chief public accountant of Beijing Zhonglicheng Certified Public Accountants Co., Ltd., on Thursday.

Instead of being automatically generated by finance software, data regarding CCAFC's cash flow statement was manually filled in, according to Cao.

"Finance staffers mistakenly listed 4.75 billion yuan in the foundation's cash flow statement, when the amount should have been 475 million yuan," he said.

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