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NatWest pleads guilty to money laundering offences By Reuters

by Mike Robinson

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© Reuters. FILEPHOTO: A crowd of people wait in line at a Natwest branch in Wimbledon in London on May 1, 2020. REUTERS/Hannah McKay/File Photo

LONDON, (Reuters) – State-backed Natwest has pleaded guilty for money laundering. This is the first time a British lender has admitted guilt.

NatWest was present at the hearing held at Westminster Magistrates Court on Thursday.

Financial Conduct Authority (FCA), the prosecution, claimed that the bank failed monitoring suspicious activity by clients who decamped about 365m pounds ($503 million), in its accounts for five years. Of which, 264m was cash.

First announced in March by the FCA, the criminal action was first brought against a bank pursuant to a 2007 money laundering statute.

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