What The NatWest Case Tells Us About AML Liability
By John Binns (November 10, 2021, 5:52 PM EST) -- One of the U.K's. big four banks, Natwest PLC, pled guilty on Oct. 7 to a new offense of "failure to prevent money laundering," but does that mean what it seems to?
Some of the headlines certainly seem to suggest a clear meaning, and this is indeed the first prosecution by the Financial Conduct Authority under money laundering regulations.
And yet, for those who follow the glacial development of U.K. prosecutors' attempts to change the basis for corporate entities' liability for economic crimes, this would seem an incongruous result — hinting, perhaps, that the laws they seek are already on the statute book....
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