ICBC used global operations to advance Beijing’s geopolitical goals, investigation finds

An international investigative collaboration known as ‘China Capital’, led by the International Consortium of Investigative Journalists (ICIJ), has released findings regarding the Industrial and Commercial Bank of China (ICBC). Based on an analysis of approximately 4.8 million documents, including internal reports and emails from ICBC’s London branches spanning 2005 to 2024, the investigation details how the world’s largest bank operates to support Beijing’s geopolitical objectives.

The records suggest that ICBC staff in London acted under the direction of Beijing headquarters to pursue political goals, such as securing natural resources and expanding control over global energy, transportation, and communications infrastructure. The investigation found that the state-owned bank facilitated business for entities linked to sanctioned Russian and Belarusian oligarchs, as well as clients connected to various authoritarian regimes.

Furthermore, the findings indicate that ICBC occasionally breached its own anti-money laundering policies and sanctions protocols. Despite concerns raised by authorities in over a dozen countries regarding compliance, the bank continued to provide services to high-risk clients, including those with close ties to China’s political establishment and international autocrats.