Italy Seeks Charges For Bank Of China In Cash Launder Probe

June 25, 2015 Nemes Money

Italian prosecutors filed a demand to prosecute about 300 people, including authorities of Bank of China Ltd.’s Milan branch, for criminal offenses including money laundering related to more 4.5 billion euros ($5.1 billion) of funds moved to China.

District attorneys in Florence are seeking to charge four supervisors of the state lender and requested that dozens of Italian homeowners, initially from China, go to trial, a court filing programs. A seven-year investigation has caused accusations of tax evasion, criminal association and scams relevant to several businesses in Italy, prosecutors stated in the filing.

The Chinese lender stated Tuesday that it had not gotten any official prosecution documents from the Italian authorities. The bank constantly abides by the laws and policies of nations where it operates and does its duty in examining cash laundering and reporting suspicious deals, Bank of China said in a statement to Hong Kong’s stock market.

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