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City lawyers: FCA’s action against NatWest ‘is like pressing the nuclear button’

‘All we know is that the Financial Conduct Authority has finally bared its teeth’

NatWest faces an unlimited fine if convicted of money laundering, according to Jonathan Fisher QC, barrister at Bright Line Law
NatWest faces an unlimited fine if convicted of money laundering, according to Jonathan Fisher QC, barrister at Bright Line Law Photo: Artur Widak/Getty Images

The City watchdog’s decision to kick off criminal proceedings against NatWest Bank over money laundering could have wider implications for other financial institutions, senior barristers warn.

The UK’s Financial Conduct Authority said it is starting legal action against the 62% state-owned bank for failing to comply with the rules between November 2011 and October 2016.

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