As of December 31, Bank of China NZ had gross loans of $345.919 million including residential mortgages of $33.759 million, and corporate loans of $309.387 million. Total deposits stood at $214.180 million, and total assets at $514.534 million.
MILAN (AP) ” Italian media says the Bank of China has agreed to pay a 600,000-euro ($640,000) fine as part of a plea deal in a 4.5-billion-euro money laundering probe.
The news agency ANSA reported that at a preliminary hearing on Friday, a judge alsoconvicted four bank officials of money-laundering, while dropping an aggravating charge of employing Mafia methods, and handed down suspended two-year sentences.
The judge also ordered the seizure of 980,000 euros, ANSA said, a sum equal to what prosecutors say were the bank’s profits in the scheme.
The Bank of China said the plea deal was aimed at “avoiding a long trial and allowing the Milan branch to concentrate on developing its own business.” It said the Milan branch had respected national and international laws.
FLORENCE, Italy — As Italy’s economy was heading off a cliff, police couldn’t help but notice that the country’s Chinese communities were booming. Luxury cars rolled past Chinese betting parlors and garment factories. Chinese immigrants were buying up Italian coffee bars and real estate. Their prosperity, however, was not reflected in local tax records.
“What do they do with the money?” said Pietro Suchan, then deputy public prosecutor in Florence. “Do they eat it?”
The answer, after a four-year investigation by Italy’s financial police, was no. They discovered that more than 4.5 billion euros ($NZ7.7 billion) — the proceeds of counterfeiting, prostitution, labor exploitation and tax evasion — had been smuggled out of Italy to China in less than four years using a money-transfer service. Nearly half that money was funneled through one of China’s largest state banks, the Bank of China, which earned more than 758,000 euros in commissions on the transfers, according to Italian investigative documents obtained by The Associated Press.
Beijing, which is seeking Western help in hunting its own economic fugitives, did not cooperate with the investigation, Italian officials said.
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