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Spain’s National Court to investigate CaixaBank in alleged fraud case

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Staff Writer | April 20, 2018
Spain’s National Court said in a statement it was to investigate a major financial services company for the alleged involvement of several of its bank branches in money laundering by clients with links to Chinese mafias.
Banking   Chinese mafias
Judge Ismael Moreno said in the statement that the court was to investigate CaixaBank after the directors of 10 of its branches in the southern Madrid suburb of Fuenlabrada allegedly allowed clients to use illegal frontmen and unlawful economic activities to enable the depositing of cash sums into accounts with a view to evading taxes.

Moreno said the bank branches had failed to properly oversee the clients’ financial transactions and mentioned links to two mafia-linked operations that were known to police.

CaixaBank sources told EFE that the bank denied any type of collaboration in alleged money laundering and defended its culture of regulatory compliance with trained employees who have the obligation to follow anti-money laundering regulations.