SPAIN FINES STAFF OF CHINA’S ICBC BANK FOR MONEY LAUNDERING

In its 3 July edition, Channel News Asia reported that 4 former employees of Chinese bank ICBC (including 2  senior executives of the Spanish branch of the bank) have been fined €22.7 million and given jail terms of between 3 and 5 months for laundering millions of euros for Chinese criminal groups.  The investigation began in February 2016 and involved Madrid-based entity whose services were mainly used by Asian criminal groups, notably the Emperador-Cheqia and Snake organisations. It attracted €140 million in deposits, with Snake notably holding 70 accounts.

https://www.channelnewsasia.com/news/business/spain-fines-staff-china-icbc-money-laundering-12896156

 

 

 

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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