Prosecutors seek money laundering suit against Bank of China in Italy

Florentian prosecutors have formally requested the trial of Bank of China’s Milan branch along with nearly 300 individuals – most of them Chinese nationals – on charges including money laundering and tax evasion, Reuters reported, citing a copy of the request document. The document stems from an investigation begun in 2008 and points to the growing influence of Chinese criminal groups in Italy’s Tuscany region. Prosecutors claim more than EUR4.5 billion (US$5.1 billion) was smuggled to China from Italy between 2006 and 2010 using money transfer service Money2Money–EUR2.2 billion of which had been sent via Bank of China’s Milan branch.