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.
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