Bank of China Probed for Money Smuggling

April 11, 2016

Written by Myn
Edited by HV

The Bank of Italy is conducting an on-site inspection at many Bank of China (BoC) offices in Italy on allegations of aiding $5.12 billion illicit money flows from Italy to China from 2006 to 2010.

According to the Florence judge, the case is in the progress to decide whether BoC should face a trial.

The case relates to the probe case “River of Money,” in which Bank of Italy identified the suspicious transactions from Italy to China carried out in 2008-2009 by Money2Money, a money transfer operator of Chinese remittances from Italy. Some part of the identified transactions went through BoC.

However, BoC has denied any links it has to the case and announced to cooperate fully with the authority. BoC explained the on-site inspection was a routine procedure that takes place once every 3–5 years and covers all business aspects of the bank.

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