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    A suspect is led by a Spanish Civil Guard officer as they leave the headquarters of Industrial and Commercial Bank of China (ICBC) during a raid in Madrid, Spain, February 17, 2016

    Beijing Hopes Madrid ICBC Bank Money Laundering Case Handled Lawfully

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    China hopes that the Spanish authorities will handle the money laundering case involving the Madrid branch of the Industrial and Commercial Bank of China (ICBC), in accordance with the law, Chinese Foreign Ministry spokesman Hong Lei said Thursday.

    BEIJING (Sputnik) On Wednesday, Spanish Civil Guards and anti-corruption police raided ICBC's Madrid offices. The bank is suspected of money laundering and tax evasion. According to investigators, the Spanish branch may have helped a criminal group to illegally transfer some 300 million euros ($334 million at current exchange rates) to China in 2015.

    "We hope that the Spanish government will deal with this case in accordance with the law," Hong told reporters.

    He added that Beijing had always requested that Chinese companies that possess offices in foreign countries respect both local and Chinese legislation.

    According to Forbes magazine, ICBC is the largest bank in the world, with about $3.32 trillion in assets. It also tops the Forbes list of the world's largest companies, for the third consecutive year.

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    corruption, money laundering, Industrial and Commercial Bank of China (ICBC), Spain, China
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