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Xinhua: ICBC Madrid Branch Searched for Suspected Money Laundering

Xinhua reported on February 18 that Spain’s National Guard and the Anti-Corruption Prosecutor’s Office searched the Madrid Branch of the Industrial and Commercial Bank of China (ICBC). Five of the ICBC branch managers were detained. The Spanish police expressed its belief that the ICBC branch was involved in money laundering activities worth at least 40 million euros. One of the Spanish investigators thought that the ICBC branch has a full-blown criminal network. The search is the result of a case involving Chinese smuggling gangs that the government investigated last year. ICBC is the largest commercial bank in China and the Madrid branch is its first branch in Spain. The Chinese Embassy in Spain said that there had been no official communication from the Spanish government regarding the search. The Embassy found out about it through the public media.
Source: Xinhua, February 18, 2016