You are here

Italy arrest 18 over China bank transfers via British company

Thursday, December 18, 2014 - 06:49

[ROME] Italy's financial police on Wednesday arrested 18 people suspected of making illicit cash transfers totalling more than a billion euros, most of them to China through a British company.

The suspects are accused of having laundered profits from the import of counterfeit goods made in China through money-transfer agencies, defrauding the tax authorities in the process, the police said.

The suspects were described as mostly Rome-based ethnic Chinese who were known to police.

To move their alleged ill-gotten gains, the businessmen reportedly used British cash transfer company Sigue Global Services Ltd and took care to ensure the amounts of each transaction did not exceed levels which require a declaration to authorities under international money-laundering rules.

Sigue assets worth 13 million euros, equivalent to the company's profits on the transfers, have been frozen pending the outcome of the inquiry, police said.

AFP

Powered by GET.comGetCom