(Photo: Business Korea)
A $5 billion money-laundering trial of the Bank of China and 297 other defendants in Italy is scheduled to begin in March, deputy public prosecutor Giulio Monferini said Wednesday.
At issue is more than 4.5 billion euros ($5 billion) allegedly smuggled out of Italy to China through a money transfer service part-owned by Chinese immigrants.
Prosecutors in Florence said nearly half the money was funneled through the Bank of China’s Milan branch, which earned over 758,000 euros in commissions on the transactions. When the hearings begin in March, 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 original article can be found at abcnews.go.com