Arab Press

بالشعب و للشعب
Monday, Nov 24, 2025

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
Riyadh Metro Records Over One Hundred Million Journeys as Saudi Capital Accelerates Transit Era
Trump’s Grand Saudi Welcome Highlights U.S.–Riyadh Pivot as Israel Watches Warily
U.S. Set to Sell F-35 Jets to Saudi Arabia in Major Strategic Shift
Saudi Arabia Doubles Down on U.S. Partnership in Strategic Move
Saudi Arabia Charts Tech and Nuclear Leap Under Crown Prince’s U.S. Visit
Trump Elevates Saudi Arabia to Major Non-NATO Ally Amid Defense Deal
Trump Elevates Saudi Arabia to Major Non-NATO Ally as MBS Visit Yields Deepened Ties
Iran Appeals to Saudi Arabia to Mediate Restart of U.S. Nuclear Talks
Musk, Barra and Ford Join Trump in Lavish White House Dinner for Saudi Crown Prince
Lawmaker Seeks Declassification of ‘Shocking’ 2019 Call Between Trump and Saudi Crown Prince
US and Saudi Arabia Forge Strategic Defence Pact Featuring F-35 Sale and $1 Trillion Investment Pledge
Saudi Sovereign Wealth Fund Emerges as Key Contender in Warner Bros. Discovery Sale
Trump Secures Sweeping U.S.–Saudi Agreements on Jets, Technology and Massive Investment
Detroit CEOs Join White House Dinner as U.S.–Saudi Auto Deal Accelerates
Netanyahu Secures U.S. Assurance That Israel’s Qualitative Military Edge Will Remain Despite Saudi F-35 Deal
Ronaldo Joins Trump and Saudi Crown Prince’s Gala Amid U.S.–Gulf Tech and Investment Surge
U.S.–Saudi Investment Forum Sees U.S. Corporate Titans and Saudi Royalty Forge Billion-Dollar Ties
Elon Musk’s xAI to Deploy 500-Megawatt Saudi Data Centre with State-backed Partner HUMAIN
U.S. Clears Export of Advanced AI Chips to Saudi Arabia and UAE Amid Strategic Tech Partnership
xAI Selects Saudi Data-Centre as First Customer of Nvidia-Backed Humain Project
President Trump Hosts Saudi Crown Prince Mohammed bin Salman in Washington Amid Strategic Deal Talks
Saudi Crown Prince to Press Trump for Direct U.S. Role in Ending Sudan War
Trump Hosts Saudi Crown Prince: Five Key Takeaways from the White House Meeting
Trump Firmly Defends Saudi Crown Prince Over Khashoggi Murder Amid Washington Visit
Trump Backs Saudi Crown Prince Over Khashoggi Killing Amid White House Visit
Trump Publicly Defends Saudi Crown Prince Over Khashoggi Killing During Washington Visit
President Donald Trump Hosts Saudi Crown Prince Mohammed bin Salman at White House to Seal Major Defence and Investment Deals
Saudi Arabia’s Solar Surge Signals Unlikely Shift in Global Oil Powerhouse
Saudi Crown Prince Receives Letter from Iranian President Ahead of U.S. Visit
Saudi Arabia’s Crown Prince Begins Washington Visit to Cement Long-Term U.S. Alliance
Saudi Crown Prince Meets Trump in Washington to Deepen Defence, AI and Nuclear Ties
Saudi Arabia Accelerates Global Mining Strategy to Build a New Economic Pillar
Crown Prince Mohammed bin Salman Arrives in Washington to Reset U.S.–Saudi Strategic Alliance
Saudi-Israeli Normalisation Deal Looms, But Riyadh Insists on Proceeding After Israeli Elections
Saudis Prioritise US Defence Pact and AI Deals, While Israel Normalisation Takes Back Seat
Saudi Crown Prince’s Washington Visit Aims to Advance Defence, AI and Nuclear Cooperation
Saudi Delegation Strengthens EU–MENA Security Cooperation in Lisbon
Saudi Arabia’s Fossil-Fuel Dominance Powers Global Climate Blockade
Trump Organization Engages Saudi Government-Owned Real-Estate Deal Amid White House Visit
Trump Organization Nears Billion-Dollar Saudi Real Estate Deal Amid White House Diplomacy
Israel Presses U.S. to Tie Saudi F-35 Sale to Formal Normalisation
What We Know Now: Donald Trump’s Financial Ties to Saudi Arabia
Saudi Arabia’s Ambitious Defence Wish List for Washington: From AI Drones to Nuclear Umbrella
Analysis Shows China, Saudi Arabia and UAE among Major Recipients of Climate Finance Loans
Why a Full Saudi–Israel Normalisation Deal Eludes Trump’s Reach
Trump Presses Saudi Arabia to Normalise Ties with Israel as MBS Prepares for White House Visit
US-Saudi Summit Set for November 18 Seeks Defence Pact and Israel Normalisation Momentum
Comcast CEO Brian Roberts Visits Saudi Arabia Amid Potential Bid for Warner Bros. Discovery
Cristiano Ronaldo Embraces Saudi Arabia’s 2034 World Cup Vision with Key Role
Saudi Arabia’s Execution Campaign Escalates as Crown Prince Readies U.S. Visit
×