Belgium’s KBC Bank Faces Money-Laundering Charges

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KBC Group N.V. said Thursday that it has been summoned by authorities in Belgium to face charges of alleged involvement in money laundering, the latest in a wave of accusations against European banks.

The Belgian lender said the charges are a result of investigations by the Ghent public prosecutor’s office into alleged tax fraud and money laundering by a number of related clients.

“KBC is convinced that it has not committed any crime and will mount a comprehensive defense at trial,” the bank said.

While KBC didn’t identify the clients involved or give any detail on the scale of the allegations, it said the investigation concerns the repatriation of foreign assets to Belgium since 2005. KBC said it assessed the file at the time and concluded there was no suspicion of money laundering.

Read the original article here: marketwatch.com


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