This is the last article you can read this month
You can read more article this month
You can read more articles this month
Sorry your limit is up for this month
NATWEST has admitted its guilt on three counts of failing to properly monitor the £365 million deposited into a customer’s account.
The Financial Conduct Authority (FCA) said NatWest failed to adhere to the requirements of anti-money laundering legislation in relation to Fowler Oldfield Ltd’s account between November 7 2013 and June 23 2016.
Fowler Oldfield was a century-old jeweller based in Bradford. It was shut down following a police raid in 2016.
It is the first time that a financial institution has faced criminal prosecution under anti-money laundering laws in Britain.
NatWest now faces a fine of up to £340m.
Chief executive Alison Rose said the bank deeply regrets failing to adequately monitor, and therefore prevent, money laundering.
She said: “NatWest has a vital part to play in detecting and preventing financial crime and we take extremely seriously our responsibility to prevent money laundering by third parties.”
Campaigners for banking reform have said banks such as NatWest should be brought into line, calling for different models of ownership, geared towards long-term investment in quality green jobs and infrastructure.
Advocacy group Positive Money told the Star that banks were given a free pass after crashing the economy in 2008.
Head of policy Simon Youel said: “The City of London increasingly resembles a huge Square Mile crime den. NatWest’s money laundering is by no means one bad apple spoiling the barrel — it’s just the latest in a long line of scandals from Britain’s crooked banking system.
“The government had a brilliant opportunity to use public ownership of NatWest to turn it into a socially responsible bank which served the public interest, but ministers have instead chosen to squander it and sell it off to their mates on the cheap.”
You can’t buy a revolution, but you can help the only daily paper in Britain that’s fighting for one by become a member of the People’s Printing Press Society.
The Morning Star is a readers’ co-operative, which means you can become an owner of the paper too by buying shares in the society.
Shares are £10 each — though unlike capitalist firms, each shareholder has an equal say. Money from shares contributes directly to keep our paper thriving.
Some union branches have taken out shares of over £500 and individuals over £100.
You can’t buy a revolution, but you can help the only daily paper in Britain that’s fighting for one by donating to the Fighting Fund.
The Morning Star is unique, as a lone socialist voice in a sea of corporate media. We offer a platform for those who would otherwise never be listened to, coverage of stories that would otherwise be buried.
The rich don’t like us, and they don’t advertise with us, so we rely on you, our readers and friends. With a regular donation to our monthly Fighting Fund, we can continue to thumb our noses at the fat cats and tell truth to power.
Donate today and make a regular contribution.