ICBC London facilitated $1.3B Huawei transfer following U.S. indictment

Confidential documents obtained by the International Consortium of Investigative Journalists (ICIJ) reveal that the London branch of the Industrial and Commercial Bank of China (ICBC) facilitated a rapid $1.3 billion transfer for Huawei in February 2019.

The urgent transaction occurred just days after the U.S. Department of Justice unsealed an indictment against Huawei for fraud and sanctions violations related to Iran. At the time, Huawei’s CFO was under house arrest in Canada following her detention at the request of U.S. authorities.

Internal records suggest that ICBC London officials bypassed standard banking protocols and ignored potential risk signals to fulfill the request from their Chinese parent company. The investigation indicates that the bank's leadership prioritized political directives from Beijing over internal compliance and anti-money laundering procedures, particularly regarding strategic clients central to China's technological image.