Chinese bank accused of helping money laundering in Spain


September 11, 2017

A Spanish judge is accusing the European branch of China’s state-owned ICBC bank of aiding criminal organizations to launder more than 214 million euros ($256 million).

National Court judge Ismael Moreno said that the Luxembourg-based Industrial and Commercial Bank of China Europe should also be held responsible for the money allegedly laundered by its Spanish branch between 2011 and 2014.

In a ruling released Monday, the judge said ICBC Europe had a degree of knowledge of the alleged laundering.