The Financial Conduct Authority (FCA) announced on 16 March that it has commenced criminal proceedings against National Westminster Bank Plc (NatWest) in respect of offences under the Money Laundering Regulations 2007 (MLR 2007). This is the first criminal prosecution under the Money Laundering Regulations 2007 by the FCA and the first prosecution under the MLR against a bank.
It is notable that no individual at NatWest is being prosecuted to maximise the deterrent effect, but prosecuting the corporate is an important step and sends a powerful message that money laundering is being taken seriously and has consequences."
This article was first published by GIR on 16 March 2021 which you can read in full by clicking here (subscription required). This quote has also appeared in The Daily Mail, This is Money and MSN UK on 18 March 2021.
For further information on the issues raised in this news article, please contact a member of our criminal litigation team.
About the author
Nicola Finnerty is a Partner in the Criminal Litigation team and is a leading criminal defence expert in both business and general crime. She has experience of fraud, corruption (including the Bribery Act) and cartel matters, financial compliance, money laundering, asset seizure and confiscation cases, through to sexual offence cases, drugs, murder and offensive weapon crimes. Nicola has acted for many high profile individuals who have needed advice on criminal matters. She has also represented corporate clients, financial institutions and professional firms in investigations and proceedings brought by the SFO, CPS, FCA, HMRC and other prosecuting bodies. She is routinely instructed in judicial review and appeal cases.