Tags: EU | Spain | Chinese bank probe

Chinese Bank Accused of Helping Money Laundering in Spain

Monday, 11 September 2017 11:39 AM

MADRID (AP) — A Spanish judge is accusing the European branch of China's state-owned ICBC bank of aiding criminal organizations to launder more than 214 million euros ($256 million).

National Court judge Ismael Moreno said that the Luxembourg-based Industrial and Commercial Bank of China Europe should also be held responsible for the money allegedly laundered by its Spanish branch between 2011 and 2014.

Seven top executives tied to the bank's Madrid premises have already been under investigation since February 2016.

In a ruling released Monday, the judge said ICBC Europe had a degree of knowledge of the alleged laundering.

Moreno said that the bank's office in central Madrid proactively raised cash from illicit businesses and criminal gangs and then hid the deposits by making loans to overseas customers, mostly through transfers to China.

© Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

   
1Like our page
2Share
Europe
A Spanish judge is accusing the European branch of China's state-owned ICBC bank of aiding criminal organizations to launder more than 214 million euros ($256 million).National Court judge Ismael Moreno said that the Luxembourg-based Industrial and Commercial Bank of China...
EU,Spain,Chinese bank probe
132
2017-39-11
Monday, 11 September 2017 11:39 AM
Newsmax Media, Inc.
 
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved