Arab Press

بالشعب و للشعب
Tuesday, Mar 31, 2026

The £365m money laundering den behind Natwest scandal

The £365m money laundering den behind Natwest scandal

It would have looked unremarkable to a passer-by: A man carrying a holdall, walking into a building on an industrial estate.
It was anything but. The bag was stuffed with more than £250,000 in cash.

And the man carrying it was among a procession of couriers who ensured up to £2million flowed into that building every day.

Police would later raid the premises and smash the network behind the operation.

In a subsequent trial, the judge branded their actions as money laundering on ‘a massive scale’.

It is against this dramatic backdrop that Natwest now finds itself heading to court.

The High Street lender, formerly known as Royal Bank of Scotland, was this week revealed to have provided banking services to the firm at the centre of the criminal operation – gold dealer Fowler Oldfield.

That led regulators to launch criminal proceedings against the bank on Tuesday, in a move that has surprised many in the City.

The Financial Conduct Authority (FCA) accused Natwest of breaching anti-money-laundering regulations when handling a string of cash deposits made by Fowler Oldfield between November 2011 and October 2016.

Some £365million worth of payments into the firm’s account included £264million deposited in bank notes, the FCA alleges.

Financial firms must do everything possible to prevent their services from becoming the tools of criminals, laws passed in 2007 say.

The case against Natwest is the first criminal prosecution ever undertaken under the 2007 rules.

When handling funds from Fowler Oldfield, the FCA alleges that Natwest failed to properly scrutinise ‘increasingly large cash deposits’.

Fowler Oldfield was shut down in 2016 and its assets are in the hands of the police, who are still investigating.

Prosecutions have already resulted in several defendants from the Merseyside area being sentenced in the past two years, including men who transported the cash.

Prosecutors said a courier would be summoned by text message and did not know how much was in each bag he dropped off at Fowler Oldfield, according to a local newspaper report.

They would then hand the cash to Fowler Oldfield’s reception and were usually given an envelope containing a token for proof of delivery. The men were paid for transporting the money.

Bags were then unpacked in a counting room behind closed doors at Fowler Oldfield and the amount from each courier recorded in a ledger.

But it was this ledger and CCTV footage that later helped investigators to identify the couriers, after West Yorkshire Police’s economic crime unit raided the site in 2016.

Police were supported by the National Crime Agency, often dubbed Britain’s answer to the FBI, with 12 people arrested for money laundering offences.

When sentencing four couriers, crown court Judge Colin Burn noted that they had been targeted for recruitment because of their debts, often from gambling.

One man feared that if he had not delivered the money there would be consequences for himself and his family.

According to a liquidator report in January, Fowler Oldfield’s assets are still held by police. It still owes £1.7million to Natwest in overdrafts and loans, while £10.5million is owed to other unsecured creditors.

Police investigations into the money laundering remain ‘ongoing’, according to the liquidator’s report.

A source familiar with the probes said a remarkable aspect was the simple methods employed. ‘Money laundering these days can be complicated,’ the source said, adding that the convicted men were ‘doing it the old-fashioned way’.

Natwest has stated that it has cooperated with the criminal probe and that it took its anti-money-laundering responsibilities ‘extremely seriously’.

The Bank’s chief executive, Alison Rose, said that Natwest had ‘invested very significantly in systems and controls to prevent money laundering.’

No individuals have been charged, and there is a hearing listed at Westminster Magistrates’ Court on April 14.
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Saudi Arabia Urges Trump to Lead Strategic Reset in Middle East as UAE Weighs Ground Role
Reed Smith Expands Saudi Presence with Senior Corporate Appointments
Trump Announces Approval of F-35 Fighter Jet Sale to Saudi Arabia
BBC Faces Scrutiny Over Allegations of Paid Content Linked to Saudi Arabia
Ukraine Secures Defense Agreements with Qatar and Saudi Arabia as UAE Talks Advance
Oil Prices Surge as Saudi Arabia Adjusts Supply Amid Escalating Iran Tensions
Saudi Arabia Condemns Attacks on Kurdistan Leaders and Reaffirms Backing for Iraq’s Stability
Saudi Arabia Weighs Strategic Interests as Iran Conflict Raises Regional Stakes
Severe Thunderstorms Sweep Across UAE and Saudi Arabia Bringing Heavy Rainfall
Trump’s Strategic Alignment with Saudi Arabia Reflects Expanding Economic and Diplomatic Synergy
Saudi Arabia Strongly Condemns Attacks on Presidential Residences in Hawler
Saudi Stocks Edge Lower as Tadawul Index Closes Slightly Down
Houthis Enter Expanding Iran Conflict as US Deploys Additional Troops
Iran Seeks Assurances for Regional Allies as Saudi Arabia Presses for Firm Security Guarantees
Iranian Strike Reportedly Destroys $270 Million US E-3 Sentry Aircraft at Saudi Air Base
Iranian Strike on Saudi Base Leaves Ten American Personnel Injured
Ukraine Claims Russia Shared Satellite Intelligence with Iran Ahead of Saudi Base Strike
Pakistan Engages Regional Powers in Diplomatic Talks Over Iran Conflict
Escalating Iran Conflict Brings Renewed Focus to US Military Presence in Saudi Arabia
Iranian Strike Targets Saudi Airbase, Damaging Key US Military Assets
Modi and Saudi Crown Prince Emphasise Secure Shipping Routes in Talks on West Asia Conflict
Dallas-Based Company Secures One Billion Dollar Hotel Development Deal in Saudi Arabia
Zelensky Secures Defence Cooperation Deals with Gulf States During Strategic Regional Tour
Trump Calls on Saudi Arabia to Join Abraham Accords in Push for Expanded Middle East Cooperation
Trump Balances Humor and Praise in Remarks on Saudi Crown Prince
Saudi Arabia’s Strategic Pipeline Reaches Seven Million Barrel Capacity to Bypass Hormuz
Rubio Signals U.S. Could Conclude Iran Conflict Within Weeks as Air Campaign Intensifies
More Than a Dozen U.S. Soldiers Injured in Saudi Base Attack as Iran-Backed Houthis Expand Conflict
Iranian Strike on US Base in Saudi Arabia Injures Troops and Damages Aircraft
Pakistan to Convene Regional Talks with Saudi Arabia, Turkey and Egypt Amid Iran War Diplomacy
Ukraine and Saudi Arabia Reach ‘Mutually Beneficial’ Defence Agreement
Ukraine to Share Battlefield Expertise with Saudi Arabia Under New Defence Agreement
Trump Takes Center Stage at Saudi Arabia’s FII Miami Amid Escalating Iran Conflict
Gulf States Explore Pipeline Routes to Bypass Strait of Hormuz Amid Rising Tensions
Iran Conflict Drives Saudi Arabia to Deepen Security Ties with Ukraine
Saudi Arabia Reviews Desert Ski Resort Plans with Cancellation of Key Building Contracts
Saudi Arabia Targets Business Hotel Shortfall with $1 Billion Development Push
Iran and Allied Forces Intensify Strikes on Energy Sites and Urban Areas Across Region
Ukraine and Saudi Arabia Formalise Defence Cooperation Agreement, Zelenskiy Announces
Saudi Arabia Reportedly Presses US to Intensify Operations Against Iran
Saudi Arabia Expands Maritime Network with Launch of Six New Shipping Services
Saudi Arabia Launches FII Summit Amid Heightened Focus on Global Stability and Investment Risks
Saudi Arabia’s HUMAIN Secures First US Customer in Expansion of AI Capabilities
Saudi Arabia Calls on US to Seize Strategic Opportunity to Reshape the Middle East
Saudi Arabia’s Strategic Investments Help Shape Silicon Valley’s Rise
Saudi Arabia Announces Passing of King Abdullah, Marking End of an Era
Saudi Arabia May Shift From Neutrality to Retaliation if Houthi Attacks Escalate, Experts Warn
UAE and Saudi Arabia Urge Decisive US Action on Iran as Regional Pressure Intensifies
Zelensky Visits Saudi Arabia After Offering Ukraine’s Drone Expertise
Saudi Arabia Pauses Ambitious Desert Ski Project Amid Strategic Reassessment
×