Main page > About the company > News and mailing > Jurisdictions news > Bank of China settles money laundering case for $4 million

Bank of China settles money laundering case for $4 million


				30.01.2020
						

The Bank of China agreed to pay a large fine to the French tax authorities. The lending institution was accused of connivance in allowing customers to withdraw millions into their Asian accounts without paying taxes in Europe. So, between 2012 and 2014, suspicious transactions amounting to almost 40 million euros were carried out: the money was sent to 168 accounts, mainly in Zhejiang province.

The bank was accused of not requesting any evidence of income, although account holders who were not involved in any specific activity in China received money from commercial enterprises.

The money first passed through companies in France and other European countries, such as Spain, Lithuania and Poland, and then settled on Asian accounts. French investigators suspected that the money originally came from undeclared sales of Chinese enterprises located in the vicinity of Paris.

The starting point of the investigation was a planned check. In 2013, the French anti-money laundering authority, known as Tracfin, noticed a very unusual increase in the revenues of a Paris store specializing in emergency plumbing and repair work that took place within a few months.

An official statement from the Bank of China states that it always strives to comply with anti-money laundering legislation and is constantly strengthening relevant measures. The bank also explained that the investigation mainly concerned the operations of a Chinese subsidiary and is not related to the Paris branch.

Source: https://www.agence-francaise-anticorruption.gouv.fr/files/files/communiqu%C3%A9%20de%20presse%20du%2028.01.20%20bankofchina.pdf

Back to the list news

Quickly and confidentially.
A qualified expert will give you a free consultation by telephone, help to determine the position and make an appointment at any time that suits you.
Call just now by phone: +44 203 608 22 48
E-mail us: london@hbcomp.co.uk


News

09/22/2020 13:28:00

Великобритания реформирует Companies House

18 сентября Правительство Великобритании объявило о своих пла ...

Read more

08/20/2020 15:32:00

Information about integration of EU instruction against tax evasion

On August 19, 2020, the European Commission published the first report ...

Read more

08/19/2020 14:02:00

The first cryptocurrency credit was issued in Russia

For the first time in Russia, a deal with digital assets was conduc ...

Read more