By Carlos Ruano and Julien Toyer MADRID (Reuters) – The Spanish Anticorruption Prosecutor investigating possible fraudulent transactions through Banco de Madrid while the Bank of Spain, national monetary authority, filed for bankruptcy and shut down the activity of the entity by the high leakage of funds. Madrid Bank was involved in the investigation of US Treasury detected serious indications of money laundering in the Andorran parent BPA, whom he accused of alleged associations with Russian and Chinese criminal organizations and launder funds allegedly diverted from the Venezuelan state oil company PDVSA. “This decision follows the sharp deterioration of the financial situation as a result of significant withdrawals of client funds (…) that have affected its ability to address timely fulfillment of its obligations, “the Bank of Spain. Last week, the Bank of Spain dismissed the dome of Banco Madrid and appointed interim managers after the intervention of the matrix in Andorra. The reimbursement of funds and investment companies controlled by the management of the bank were also suspended as part of the process. Neither the Bank of Spain or Banco Madrid wanted to make an estimate of the funds withdrawn, although they noted that it was a “very significant” amounts. Banco Madrid managed about 6,000 billion in assets before the intervention derived from charges of money laundering to its parent Andorra BPA. “There has been a huge output funds in recent days and the decision to seek the assistance and stop the activity is to protect depositors,” said one source close to the investigation. “Now we have to wait for the court to rule,” he added. Continued …
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