Bank of China pays €3.9m to end French money laundering probe

clock • 1 min read

Bank of China, one of the big four state-owned banks in China, has agreed to pay €3.9m ($4.2m) in a settlement with French tax authorities who had launched a criminal prosecution into the bank. The settlement, reported by Bloomberg, comes following allegations by Paris that Bank of China failed to notify the authorities of millions of euros its clients were transferring from France to its accounts in China.  Remi Heitz, the Paris prosecutor, said that the Chinese bank will pay a €3m fine plus €900,000 in damages to French tax authorities.  The investigation was initiated by Tracfin...

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Author spotlight

Christopher Copper-Ind

Christopher Copper-Ind is editor-in-chief of International Investment. Before this, he was editorial director of The Business Year, from 2014 to 2017.