The Spanish Supreme Court has upheld the validity of a hefty 1.7 million euro fine imposed by Spain’s council of ministers on Jyske Bank Gibraltar Ltd. The fine relates to the alleged refusal by the bank to provide customer information as part of a money laundering investigation which was launched by Spain in 2007.

According to Spanish press reports, the local bank sought protection by relying on legislation which guarantees “banking secrecy” on the Rock.

The Spanish authorities argue that a subsequent appeal in the European Court of Justice went in their favour in a “clear and convincing” manner.