Assistant general secretary of the General Federation of Trade Unions HENRY FOWLER reports on day 1 from the GFTU’s residential Summer School at Quorn Grange Hotel
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THE Financial Conduct Authority has launched criminal proceedings against tax-payer owned Natwest Bank for failing to comply with anti-money laundering rules, in the first attempted prosecution against a British bank under the 2007 law.
Natwest faces a potentially unlimited fine after the FCA alleged it had failed to properly monitor the actions of a gold dealer. The customer was Fowler Oldfield, a Bradford-based jewellery wholesaler that was shut down after a police investigation in 2016.
The FCA said the company paid £365m into its Natwest account in a series of increasingly large cash deposits between 2011 and 2016. A judge in a court case heard in 2019 said the 122-year-old gold dealer was involved in “an extremely sophisticated” money laundering operation, with up to £2m in cash being delivered to the business each day.
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