Spanish police on Wednesday searched the Madrid branch of Chinese bank ICBC as part of a probe into the suspected laundering of at least 40 million euros ($44.5 million), police said in a statement.

The bank is suspected of being used to "introduce into the financial system funds earned through the alleged crimes of smuggling, tax fraud and the violation of workers' rights, allowing the transfer of the funds to China in a way that appeared legal," the statement said.