Link: https://www.icij.org/investigations/china-capital/china-banking-icbc-oligarchs-sanctions-london/

For the first time, a trove of confidential records reviewed by the International Consortium of Investigative Journalists offers a window onto the inner workings and decision-making of ICBC, a vital cog in China’s global geopolitical ambitions. The records reveal that the state-owned bank has used London as a financing hub for companies linked to sanctioned Russian and Belarusian business owners, autocrats publicly accused of corruption and China’s political establishment.

As part of China Capital, ICIJ found that at times the bank’s Beijing headquarters directed bank officers overseas to pursue explicitly political objectives for its majority shareholder, the Chinese state — to cement alliances, acquire natural resources and expand control over communications, energy and transportation infrastructure around the world. While doing so, ICBC breached some of its own anti-money laundering and sanctions policies, the investigation found.