Source · Select Committees · Treasury Committee
Recommendation 42
42
Paragraph: 179
The new assertive approach by the FCA is welcome.
Conclusion
The new assertive approach by the FCA is welcome. The prosecution of NatWest is a major success, and the Committee congratulates the FCA and everyone in the team working on it. The level of the fine should be a deterrent to others. The question is whether this was an isolated case or whether more prosecutions of banks and financial institutions for money laundering will follow. While that would show effective enforcement, it would also signal that money laundering controls are not working as they should be within the institutions prosecuted.
Paragraph Reference:
179
Government Response
A response document is linked to this report, dated 28 April 2022. Response attribution to this conclusion has not been verified. Read the response document ↗