Bank of China announces it will cooperate with Italian prosecutors in money-laundering probe

The Bank of China will cooperate with Italian prosecutors seeking to indict the bank and dozens of Chinese migrants following a massive money-laundering probe reported by The Associated Press earlier this month.

In a statement Tuesday, the bank says it has not received any formal prosecution documents from Italian authorities. But company secretary Yeung Cheung Ying says the bank will "provide timely disclosure in accordance with the relevant laws and regulations."

Italian officials are seeking to charge 297 people, most of whom are living in Italy, including four senior managers of the bank's Milan branch.

Prosecutors said more than 4.5 billion euros ($5.1 billion) in proceeds from counterfeiting and other illicit activities was sent to China using a money-transfer service part-owned by Chinese migrants.