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Committee seeks further detail from FCA on NatWest money laundering prosecution

20 October 2021

The Chair of the Treasury Committee writes to the Financial Conduct Authority (FCA) requesting further information on the prosecution of NatWest for money laundering.

Earlier this month, the FCA successfully prosecuted NatWest for money laundering offences relating to the police raid on Bradford-based jewellers Fowler Oldfield in September 2016.

Rt. Hon. Mel Stride MP, the Committee Chair, has today written to the CEO of the FCA, Nikhil Rathi, seeking an explanation for why the prosecution took five years to come to a successful conclusion, and requesting further details on the case.

Chair's comments

Commenting on the letter, Rt. Hon. Mel Stride MP, Chair of the Treasury Committee, said:

“It is good to see a successful prosecution of NatWest for money laundering offences relating to a supposed jewellers based in Bradford. Banks have an important role to play in preventing money laundering and it’s clear NatWest failed to conduct thorough checks on this occasion.

“However, there are questions which remain to be answered, most notably why it has taken five years after the police raid in 2016 to bring this case to a successful conclusion.

“I have today written to the FCA requesting further information on this case and I look forward to receiving their response.”

Further information

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