The Civil Guard's serious crime squad (UCO) has launched an operation at the headquarters of Chinese bank ICBC—the largest bank in the world—in Madrid, the Civil Guard confirmed to The Spain Report.

Five people have been arrested so far during the operation, which is ongoing. TVE showed live images of Civil Guard officers guarding the door and inside the bank carrying out the search.

A statement published by the Civil Guard said its officers were "searching the headquarter of the banking company INDUSTRIAL AND COMMERCIAL BANK OF CHINA Europe SA (ICBC) in Madrid for its responsibility in an alleged crime of money laundering".

The operation is being coordinated the the Anti-Corruption Public Prosecutor's Office and officers are searching the company's offices on Paseo Recoletos.

(To read the full article, please log in or subscribe now…)

Subscribe Now To Understand Spain Better, In English

Original, independent reporting and insight take you deeper into a changing country.

Spain is a fascinating country, its history full of intriguing characters and events, and the story is not over yet.

Catalan independence, Podemos, corruption, economic recovery and now a political crisis that might bring Rajoy's government down.

The truth still needs to be told, power still needs holding to account. Our collective futures depend on our ability to understand how our societies are evolving.

The Spain Report gives you fast reporting and deeply informed analysis of the latest news, events and trends changing this wonderful country, in English.

Your subscription guarantees our news and analysis are 100% independent.

Subscribe Now