Chinese bank defends anti-money laundering practice in Spain probe

The Chinese embassy in Spain says the Madrid branch of the ICBC has informed it that the bank used the latest anti-money laundering system provided by Spanish authorities to control capital.

This is the second statement from the Chinese embassy following the Wednesday raid of the ICBC Madrid branch by Spanish police over the bank’s alleged weak supervision of suspected money laundering.

During the raid, five ICBC employees were taken to custody for investigation.

The Spanish police claimed the probe was “still in a phase of secrecy,” and wouldn’t provide more details.

The embassy also urged the Spanish side to deal with the issue justly while protecting the legitimate rights and interests of Chinese companies and personnel.

The ICBC Madrid branch has already resumed normal operation.

The five ICBC employees appeared in court on Friday to answer charges of tax avoidance and money laundering in the town of Parla, to the south of the capital.

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