All that glitters is not gold…

NatWest Bank are facing the first money laundering prosecution after the Financial Conduct Authority (FCA) let an investigation into the company accounts of Fowler Oldfield, a gold and precious metal dealer based in Bradford.

The FCA found that Fowler Oldfield had made cash deposits into the account held with NatWest of £264m.

However, the FCA claim that NatWest failed to complete proper due diligence and continuous monitoring of the deposits.

NatWest is still 62% owned by the taxpayer after the Government had to bail it out in 2008, which is ironic as it is the Government bringing about the prosecution.

It is understood that no individual prosecutions will be brought, but the bank is to face Court on 14 April.

It will be interesting to see the outcome.

For more information on bankruptcy, liquidation, administration and all the other insolvency procedures, if your business has been affected by the pandemic, or to take advantage of our free consultation and business health check, please telephone Stella Flemmings on 01377 257788, and she will make you an appointment with one of our insolvency professionals at our Driffield, Grimsby, Hull, Scunthorpe or York offices.  Meetings can be held virtually or in any of our offices whilst observing the socially distancing guidelines.

Comments are closed.