Opinion | Judges: CIBC bank supports clients who break China’s …

Sep 2, 2015 · For CIBC, the answer is: Far enough to get its clients’ money out of China, regardless of Beijing’s US$50,000 annual export limit - but within the bank’s own ethical limits (and Canadian law ...

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Opinion | Judges: CIBC Bank Supports Clients Who Break China’s …

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FAQs about Opinion | Judges: CIBC bank supports clients who break China’s … Coupon?

What's going on with the ICBC case?

At the core of the ICBC case is the relationship between the bank and a group of clients from Spain's thriving Chinese business community. These clients are alleged to have accumulated mountains of cash, much of it from avoiding duty and tax on the sale of consumer goods imported from China. ...

Can CIBC send money from China to Canada?

“If, for example, a CIBC client wanted to send US$150,000 from China to Canada, the money had to come from three accounts belonging to three different account holders in China and be transferred to three separate accounts belonging to three separate account holders in Canada,” the ruling said. ...

Did CIBC make misrepresentations?

Misrepresentations were found in CIBC's quarterly financial filings and public oral statements about the Canadian bank's investments in the United States and its exposure to U.S. residential mortgage-backed securities between May 31, 2007 and February 28, 2008, according to a statement from lawfirm Rochon Genova. ...

How much money did ICBC send to China?

Between 2011 and 2013, the officials said, ICBC’s Madrid branch transferred about 225 million euros to China, most of it for suspected criminal networks. These networks also sent funds via money transfer firms in Spain and by smuggling large amounts of cash by road to other European countries from where it was transferred to China. ...

Why did ICBC hire Wang Jing?

Around that time, they said, ICBC’s general management in Spain ordered Wang Jing to go through all client records and transactions from the Madrid and Barcelona branches to “clean them” and fix any irregularities. Wang, they said, worked from 8.30 a.m. to 10 p.m. every day for several weeks collecting and sorting the files. ...

What happened to ICBC?

The wiretaps and findings from police investigations ultimately led Spanish investigators to the front door of the Industrial and Commercial Bank of China, or ICBC - the world’s biggest bank by assets. ...