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Chinese bank accused of helping money laundering in Spain

AP  |  Madrid 

A Spanish judge is accusing the European branch of China's state-owned ICBC of aiding criminal organizations to launder more than USD 256 million.

National judge Ismael Moreno said that the Luxembourg-based Industrial and Commercial of 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 today, the judge said ICBC had a degree of knowledge of the alleged laundering.

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

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, September 11 2017. 22:02 IST
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