Spanish police have arrested five directors of Industrial and Commercial Bank of China (ICBC) after they raided the lender’s Madrid offices as part of an investigation into alleged money laundering. The Swiss headquarters of Industrial & Commercial Bank of China ( ICBC ) in China have been raided by authorities over allegations of money laundering of at least $44.6m in deposits from suspected criminal organisations; Over 100 directors have been detained under the orders of the judge investigating. ICBC is accused of "sending the funds to Madrid without checking their origin as required by law" according ICBC , 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.
The Swiss headquarters of Industrial & Commercial Bank of China ( ICBC ) in China have been raided by authorities over allegations of money laundering of at least $44.6m in deposits from suspected criminal organisations; Over 100 directors have been detained under the orders of the judge investigating. ICBC is accused of "sending the funds to Madrid without checking their origin as required by law" according ICBC , 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.