The Spanish headquarters of Industrial & Commercial Bank of China ( ICBC ) in Madrid have been raided by authorities over allegations of money laundering of at least $ 44.6 m in deposits from suspected criminal organisations ; its directors have been arrested under the orders of the judge investigating . ICBC is accused of " transferring the funds to China without checking their origin as required by law " according Bloomberg , which is helping the Spanish authorities with their investigation . China has said it is bound by anti - money laundering rules and cooperating with the Spanish probe .
The Spanish headquarters of Industrial & Commercial Bank of China (ICBC) in Madrid have been raided by authorities over allegations of money laundering of at least $44.6m in deposits from suspected criminal organisations; five directors have been detained under the orders of the judge investigating. ICBC is accused of "sending the funds to China without checking their origin as required by law" according toEuropol, which is helping the Spanish authorities with their investigation. ICBC has said it is abiding by anti-money laundering rules and cooperating with the Spanish probe.