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ICBC says used anti-money laundering system provided by Spanish authorities: embassy

Xinhua, February 20, 2016 Adjust font size:

The Madrid branch of the Industrial and Commercial Bank of China (ICBC) has informed the Chinese Embassy in Spain that the bank used the latest anti-money laundering system provided by Spanish authorities to control capital, the embassy said in a statement Friday.

This is the second statement from the Chinese embassy following the Wednesday raid of the ICBC Madrid branch by Spanish police over the bank's alleged weak supervision of suspected money laundering. During the raid, five ICBC employees were taken to Spanish police custody for investigation.

"ICBC has been actively dedicated to promoting economic cooperation between the two nations, and continued to provide financing services for investment projects in Spain, which amounted to more than 1 billion euros, " the embassy statement said, adding, "the bank has made an active contribution to the economic and social development in Spain."

The Spanish police claimed the investigation was "still in a phase of secrecy," and wouldn't provide more details, according to the embassy statement.

"The Chinese government demands that Chinese companies strictly follow the law, both of China and in the country where they are accredited. We are informed by the ICBC office in Madrid that it used the latest anti-money laundering system provided by Spanish authorities to control capital," the statement added.

The Chinese embassy said the person responsible for ICBC on a European level arrived in Madrid on Wednesday to offer assistance to the Madrid branch.

In its Friday statement, the embassy also urged the Spanish side to deal with the issue justly while protecting the legitimate rights and interests of Chinese companies and personnel.

The ICBC Madrid branch has already resumed normal operation, the statement added.

The five ICBC employees reportedly appeared in court on Friday to answer charges of tax avoidance and money laundering in the town of Parla, just south of the capital. Endit