19587
Italy to Indict Bank of China
World Economy

Italy to Indict Bank of China

Italian prosecutors want to indict the Bank of China’s Milan branch and almost 300 people over a money-laundering scheme.
Prosecutors in Florence allege €4.5 billion ($5.1 billion) was transferred from Italy to China. It was earned through prostitution, counterfeiting, tax evasion and labor exploitation, they say, ANSA reported.
The Ansa agency said (in Italian) that four senior managers with the Bank of China could be indicted.
Close to half the €4.5 billion, transferred between 2007 and 2010, went through the bank’s branch in Milan, investigators say.
The Bank of China received €758,000 in commission for the transfers, it is claimed.
There were millions of transactions, Ansa said, that were below the €2,000 threshold that would have triggered money-laundering checks. That threshold has since dropped to €1,000.
A judge will now decide whether the Bank of China and 297 individuals will face trial. Neither the bank nor the Chinese government has yet responded.
“The maxi-laundering strengthened the economic capacity of the Chinese mafia organizations devoted to illegal immigration from their country,” said Ansa.
In December 2013, a spotlight was thrown on working conditions for Chinese migrants in Italy when seven workers died in a fire at a garment shop in Prato, near Florence.
Some factories were linked to Chinese organized crime, Tuscany’s regional governor said.

 

Short URL : http://goo.gl/2EoPYB

You can also read ...

China Challenges US Solar Panel Duties
China says it is challenging a US tariff hike on solar panels...
In a retaliatory move, President Recep Tayyip Erdogan’s government on Wednesday announced higher tariffs on some US imports, namely on passenger cars (120%) and leaf tobacco (60%).
Turkey has raised tariffs on some US imports, including...
World trade volume growth peaked in January at almost 5.7% year-on-year but nearly halved to less than 3% by May.
Cyclical indicators point to slower and more uneven growth in...
Moody’s Predicts Slower Fiscal Progress in S. Africa
South Africa’s fiscal consolidation will be slower than the...
Surging Inflation Mars Philippines Growth
The Philippine economy in 2018 is a story that can be summed...
File picture of Kim Jong-un (L) and Moon Jae-in at the truce village  of Panmunjom, South Korea.
South Korea President Moon Jae-in on Wednesday offered a bold...
Nigeria CPI Drops to 11.14 Percent
Nigeria’s National Bureau of Statistics says the consumer...
Transport tickets and fuel have driven up costs for consumers.
Inflation in the UK climbed in the month of the July, as had...

Trending

Googleplus