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 . Spanish Civil Guard officers stand in front of the entrance of the headquarters of Industrial and Commercial Bank of China (ICBC) during a raid in Madrid, Spain, February 17, 2016. 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 $ 44.6 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 .