Partner Claire Cross has been quoted in New Law Journal on NatWest (National Westminster Bank Plc) pleading guilty to money-laundering breaches, in the first criminal prosecution under the Money Laundering Regulations 2007.
‘The fact that the FCA chose such a large organisation as its first prosecution target confirms what was already known about its intentions to step up activity in this area.
‘The FCA’s counsel has already given an indicative fine of £340m. If she is correct then the sum will far outstrip the previous regulatory fines of £38m for Commerzbank, £102m for Standard Chartered and £163m for DeutscheBank,’ she said.
You can read the full article here.