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ICBC caught in Spanish police probe
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SPANISH police yesterday searched the Madrid branch of China’s biggest lender ICBC as part of a probe into the suspected laundering of at least 40 million euros (US$44.5 million), police said.
The director of the branch and a deputy director were arrested, a source close to the investigation said.
The Industrial and Commercial Bank of China is suspected of being used to “introduce into the financial system funds earned through the alleged crimes of smuggling, tax fraud and the violation of workers’ rights, allowing the transfer of the funds to China in a way that appeared legal,” a police statement said.
The operation is part of a probe carried out last year against Chinese organized crime groups based in Madrid which are suspected of importing goods from China without declaring them on customs forms, to avoid import and tax duties.
The crime groups allegedly deposited the money earned into ICBC, which is accused of sending the funds to China without checking their origin as required by law.
One of the crime groups that was broken up last year is suspected of having laundered “an amount known to be as of the moment 40 million euros” in the branch, the statement said.
Authorities suspect this system could have been employed in other nations.
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