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 ...

Singapore Exports See Surprise Drop
Exports from Singapore last month stumbled after four months...
Nigeria Inflation Flattens Out  at 16%
As widely anticipated, Nigeria’s headline inflation declined...
Russia Services PMI Improves
According to a report by Markit Economics, the final Russia...
Brazil August Growth Lowest in Five months
Economic activity in Brazil contracted in August at the...
Low ECB Rates an Opportunity to Reform
Easy monetary policy gives eurozone governments a window of...
Czech Economy Needs Higher Rates
The Czech koruna’s slow appreciation is paving the way for...
Outlook for Global Economy, Equity Markets Brighter
Ebrahim Rahbari remains positive on the global economy and...
OECD: Youth Likely to Face Higher Inequality in Old Age
Younger generations have been experiencing more unstable labor...