City guards grilled by MPs why did it take so long to prosecute Natwest for money laundering?
The city’s watchdog was asked by MPs why it took so long to prosecute Natwest in a major money laundering case.
The Financial Conduct Authority (FCA) should also explain why it decided not to prosecute individual bankers at Natwest who didn’t sound the alarm when a business client started depositing sacks of money worth millions in their account.
The questions were put to FCA chief Nikhil Rathi in a letter from Tory MP Mel Stride, chairman of the finance committee.
Natwest, now headed by CEO Alison Rose (pictured), admitted it had gaping holes in its crime detection systems
It came just two weeks after Natwest pleaded guilty in court of neglecting its money laundering controls.
The bank, now run by CEO Alison Rose, admitted it had gaping gaps in its crime detection systems, which meant it failed to detect suspicious activity by Bradford-based gold dealer Fowler Oldfield.
It has deposited £ 365 million in its Natwest accounts over five years – of which £ 264 million in cash.
Stride said, “There are still questions that need to be answered, particularly why it took five years to bring this case to a successful conclusion.”
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