Italian prosecutors seek Bank of China indictment over money laundering scheme

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http://www.dw.com/en/italian-prosecutors-seek-bank-of-china-indictment-over-money-laundering-scheme/a-18529367

Prosecutors have requested the indictment of Bank of China's Milan branch for money laundering and tax evasion. Around 4.5 billion euros were smuggled from Italy to China under the state-owned bank's watch.

Italian prosecutors seek Bank of China indictment over money laundering scheme
21.06.2015

Prosecutors in Florence are seeking to prosecute 297 people and the Bank of China (BOC) for illicit financial activities, including money laundering and tax evasion.

Around 4.5 billion euros ($5 billion) were smuggled out of Italy to China from 2006 to 2010 though a money-transfer service called Money2Money, according to the Florentine prosecutors' request. The transfers were typically made in small quantities to fictitious names in China.

BOC, which supervised the M2M's activities, received more than 700,000 euros ($795,000) in commissions related to the wire transfers.

Investigators requested four senior managers at China's state-owned commercial bank branch in Milan also be indicted for failing to report suspicious activity, Reuters news agency reported.