United Kingdom: Criminal case against NatWest tip of £90bn iceberg in ‘money laundering capital of the world’

Yesterday it was reported that the recent money laundering charges against NatWest are linked to a separate case against 13 individuals based in cities around the UK.

The latest revelations followed the shock announcement, last week, that the Financial Conduct Authority had lodged criminal proceedings against NatWest for money laundering offences.

The watchdog – accusing NatWest of failing to monitor suspicious activities by a client that deposited about £365m in its accounts over five years – said the bank had failed to show risk-sensitive due diligence and monitoring of its relationships with customers for the purposes of preventing money laundering.

In light of this, City A.M. looked at the wider issue of laundering dirty money in the Square Mile and the current conditions under which such activities can take place.

The original full article can be found at cityam.com

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