NatWest has admitted three counts of failing to properly monitor £365 million ($496 million) deposited into a customer’s account.
It is the first time a financial institution has faced criminal prosecution under anti-money laundering laws in the UK.
Bradford gold merchant Fowler Oldfield is alleged to have received £2m a day in bags of cash as well as allegedly laundering £365m through its NatWest Bank accounts over a five-year period from 2011 to 2016.
We deeply regret that NatWest failed to adequately monitor and therefore prevent money laundering by one of our customers
Alison Rose,
chief executive, NatWest
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.
Bankrupt gold dealer James Stunt is one of 13 people charged with money laundering linked to the jewellers, which was shut down after a police raid in 2016.
NatWest faces a fine of up to £240 million.
FCA prosecutor Clare Montgomery QC told Westminster magistrates that when Fowler Oldfield was taken on as a client by NatWest, its predicted turnover was said to be £15 million per annum.
Yet it deposited £365 million over the space of almost five years.
“The turnover of Fowler Oldfield was predicted to be £15 million per annum," she said.
“It was agreed that the bank would not handle cash deposits.
“However, it deposited £365 million, with around £264 million in cash.”
She said that at its height, Fowler Oldfield deposited up to £1.8 million a day.
NatWest chief executive Alison Rose apologised for the bank's failings.
“We deeply regret that NatWest failed to adequately monitor and therefore prevent money laundering by one of our customers between 2012 and 2016," 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.
“In the years since this case, we have invested significant resources and continue to enhance our efforts to effectively combat financial crime.
“We work tirelessly with colleagues, other banks, industry bodies, law enforcement, regulators and governments to help find collaborative solutions to this shared challenge. These partnerships are crucial to counter the significant and evolving threat of financial crime to society.”
NatWest admitted three offences under the Money Laundering Regulations 2007.
It will be sentenced at Southwark Crown Court on or before December 8.
NatWest is 55 per cent taxpayer owned after receiving a £45 billion-plus ($61 billion-plus) bailout at the height of the 2008 financial crisis.
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Date Started: September 2018
Founders: Walid and Karim Dib
Based: Abu Dhabi
Employees: Nine
Amount raised: $1.2 million
Funders: Oman Technology Fund, AB Accelerator, 500 Startups, private backers
Profile
Company name: Jaib
Started: January 2018
Co-founders: Fouad Jeryes and Sinan Taifour
Based: Jordan
Sector: FinTech
Total transactions: over $800,000 since January, 2018
Investors in Jaib's mother company Alpha Apps: Aramex and 500 Startups
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Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
Other workplace saving schemes
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- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
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- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
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Company%20Profile
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Red flags
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- Unregulated structured products or complex investments often used to bypass traditional safeguards.
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Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Key facilities
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Yahya Al Ghassani's bio
Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda
