http://newsoncompliance.com/2015/06/bank-of-china-says-no-charges-yet-by-italy-over-multi-billion-dollar-money-laundering-inquiry/

According to the latest news on this long-running saga, “Prosecutors said more than 4.5 billion euros (US$5.1 billion) in proceeds from counterfeiting, prostitution, labor exploitation and tax evasion was sent to China in less than four years using a money-transfer service partly owned by Chinese migrants…[and that] the money had been fractioned into small sums to avoid detection and that the bank’s management and audit staff failed to report suspicious transactions, helping conceal the source and destination of the funds.”

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