Italy Investigates 4.5 Billion Euros Smuggled Via Bank of China

Reuters: Bank of Italy conducting supervisory inspection at Bank of China offices

Italian prosecutors are seeking to bring 297 people, mostly Chinese, as well as the Milan branch of Bank of China (3988.HK) to trial on charges of allegedly smuggling more than 4.5 billion euros ($5.12 billion) into China between 2006 and 2010. A judge in Florence is in the process of deciding whether they should be indicted and face a trial.

Part of the probe, code named 'River of Money', focuses on the relationship between Bank of China and defunct Chinese money transfer operator Money2Money, which used to dominate the market for Chinese remittances from Italy, a prosecutors' document reviewed by Reuters shows.