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Economy

Bank of China money-laundering trial to begin in March

1
2015-08-06 12:56CRIENGLISH.com Editor: Wang Fan

Italian prosecutors have announced a March trial date for a money-laundering trial involving the Bank of China and 297 other defendants.

At issue is more than 5 billion U.S. dollars allegedly smuggled out of Italy into China through a money transfer service partially-owned by Chinese immigrants in Italy.

Prosecutors said nearly half of the money has been funneled through the Bank of China's Milan branch, which earned over 758-thousand euros in commissions on the transactions.

A judge will decide whether to press ahead with charges of money-laundering and assisting a mafia-like organization against the bank's Milan branch and four of its employees.

The Bank of China has denied any wrongdoing and says it is cooperating with Italian authorities.

  

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