Reuters: Spain probes ICBC’s European unit over money laundering

No Comment 22 Views

Spain has launched an investigation into the European management of the Industrial and Commercial Bank of China (ICBC) (601398.SS) in Luxembourg as part of a widening probe into the alleged laundering of hundreds of millions of euros through the Chinese banking giant’s Madrid branch.

A Reuters investigation in July revealed Spanish prosecutors were poised to explore the role of ICBC Luxembourg in the alleged money laundering scheme following the arrest of seven ICBC executives in Madrid in February last year, including branch manager Liu Wei and the general manager of the bank’s European division, Liu Gang.

The Spanish High Court said on Monday it had approved a request from the anti-corruption prosecutor’s office to investigate ICBC’s European headquarters for the alleged crime of money laundering.

Read the original article here: reuters.com


Get headlines, breaking news, and jobs announcements delivered to your inbox. Sign up for our daily newsletter.

Share This Page
Industry Webinars
FEATURED Solutions
Learn About RDC