Author: Azizur Rahman 6 January 2022
With NatWest being fined £265 million for its money laundering failings, Aziz Rahman wrote an article that assessed aspects of the case.
In his piece, which was published by Lawyer Monthly, Aziz highlights the fact that it was the Financial Conduct Authority (FCA) – the regulator – that took on the role of prosecutor.
He questions whether the National Crime Agency - via the Crown Prosecution Service - or even the Serious Fraud Office - will prosecute similar future cases, rather than the FCA. This could be important, he argues, as they can offer a deferred prosecution agreement rather than pursue a prosecution, which is not an option available to the FCA.
Aziz calls the NatWest case a watershed in the approach to money laundering and proof of how high a priority money laundering now is for the authorities. It is only the first criminal prosecution of a bank under the 2007 Money Laundering Regulations and came at the end of a year that also saw HM Revenue and Customs issue its record fine for money laundering breaches.
The NatWest fine was also imposed shortly before the Law Commission is set to report on the options it has drafted regarding corporate criminal liability.
Aziz's article featured on Lawyer Monthly.
Aziz Rahman is Senior Partner at Rahman Ravelli and its founder. His ability to coordinate national, international and multi-agency defences has led to success in some of the most significant corporate crime cases of this century and top rankings in international legal guides. He is recognised worldwide as one of the most capable legal experts regarding top-level, high-value commercial and financial disputes.