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The Times newspaper article
 

Today’s Times newspaper (dated 26/4/2017) carried a story entitled “Chinese bank in customs fraud inquiry”.  The article makes reference to ICBC being visited by city regulators as part of an investigation called “Operation Shadow”.  The article states that “Operation Shadow” is part of a Europe-wide inquiry linked to “systemic fraud and VAT evasion by Chinese crime gangs importing goods in the EU through Britain”.  ICBC London utterly rejects this assertion.  ICBC London has not been visited by any city regulator in connection with any such investigation and is not aware of “Operation Shadow”.  The FCA visited ICBC London in March 2016 as part of their routine pre-arranged AML and Sanctions review.  The visit was unrelated to the purported investigation referred to in the article.  ICBC London continues to ensure that it meets all its obligations around financial crime.


(2017-04-26)