The directors are thought to have been involved in the funnelling of up to $200m into a network of secret accounts in the Cayman Islands, Jersey and Liechtenstein.
BBVA has confirmed that it is the subject of a Bank of Spain probe and have released the names of those implicated. The bank has stated that current management are not involved and denies that the funds were used for 'illicit activities' or anything 'directly or indirectly related to terrorist activities'.
16 Bank Directors Under Investigation
The New York Times has reported that sixteen current and former directors of Spain's second largest bank, Banco Bilboa Vizcaya Argentaria (BBVA), are now under investigation by the Bank of Spain in connection with offshore accounts which were allegedly used to influence politicians, ease through business deals and buy off terrorists.
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