CHINA’S ICBC BANK FACES TRIAL IN SPAIN
September 1st, 2017
The Industrial and Commercial Bank of China’s (ICBC) European headquarters, ICBC Luxembourg, is facing a major money laundering trial in Spain following a September 11 ruling in the Spanish High Court.
Judge Ismael Moreno agreed to a request from the anti-corruption prosecutor’s office to investigate ICBC’s European headquarters on suspicion of helping clients from the Chinese business community in Spain avoid duty and tax on goods imported from China.
According to Reuters, whose investigation led to the case, the bank’s Madrid branch transferred about ...
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