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Crime – money laundering proceedings against Chinese major bank in Spain News

Tuesday, September 12th, 2017 | Economy

In addition to the seven ICBC top bankers, who have been investigated in Madrid since 2016, employees of the European subsidiary of the money house, based in Luxembourg, are now being brought to justice, the National Court of Justice said Monday in the Spanish capital With. ICBC is one of the largest banks in the world.
At the end of 2010, a bank branch of the bank was set up in Madrid in order to "deliberately" make illegal money from criminal organizations such as "Emperador" (emperor) or "Snake" (snake) it. In doing so, the bank had neither checked the origin of the funds nor implemented measures to prevent money laundering or financing terrorism. The majority of customers were presumed to be Chinese gangs.
The funds of the Chinese Mafia are said to have been illegally carried out illegally for many years. According to media reports of "at least 40 million euros". The judiciary has been following the allegedly illegal business of the bank in Spain since mid-2015. The investigators were then aware of the crushing of a Chinese money laundering ring at ICBC.
At the beginning of 2016, a number of top bankers – including the director of the Madrid branch and number two of the bank in Europe – were arrested in Madrid. ICBC said last year that the laws against money laundering were "strictly obeyed" by the bank.
(AWP)

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