Spanish Court Fines Four Chinese Bankers €22.7 Million for Money Laundering

IN 2016 six officials from the Spanish branch of the Industrial and Commercial Bank of China (ICBC) were arrested and in July of 2020, four former employees were fined a total of €22.7 million and given prison sentences.

According to the findings of the Court in Spain, the officials from the Madrid based bank which is partly owned by the Chinese Government were guilty of allowing money laundering and tax fraud by criminal gangs operating out of Asia.

Due to Spanish law, it is unlikely that any of the defendants will actually spend time in gaol.

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John Smith

Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica. Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene. Share your story with us by emailing, by calling +34 951 38 61 61 or by messaging our Facebook page