London Daily

Focus on the big picture.
Tuesday, Oct 06, 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

0:00
0:00
Close
Sarah Wakfer Appointed Chair of Northern Ireland’s Health and Care Regulator
Scotland Housing Completions Fall to 11-Year Low Amid National Shortage
UK Water Companies Face Tougher Oversight and Unannounced Regulatory Inspections
Middle East Conflict Pushes UK Fuel and Wholesale Energy Prices Higher
Andy Burnham Raises Prospect of Second Brexit Referendum in Review of UK-EU Relations
EY Warns UK Fiscal Headroom Has Halved to £11 Billion Ahead of Autumn Budget
BT Accused of Pressuring Vulnerable Customers During Digital Landline Shift
British Carmakers Warn of Growing Pressure From EU-China Tariff Dispute
Green Party of England and Wales Adopts Motion Defining Zionism as Racism
Medical Charity Threatens NHS Legal Action Over Two-Year Autism and ADHD Assessment Waits
British Transport Police Report Record Rise in Violence on Railways
Glasgow Council Workers Face Pay Cuts Under Fire-and-Rehire Plan
British Medical Groups Press Prime Minister Andy Burnham to Cancel £330 Million Palantir NHS Contract
UK Faces Record Bluetongue Outbreak Across Livestock Farms
UK Schools Report Thousands of Child-on-Child Sexual Offences
High Court Overturns Ban Blocking Gaza Families From Reuniting With Relatives in UK
G7 Authorizes Emergency Fuel Release as UK Diesel Prices Hit £2 a Litre
France and Italy Draw 1-1 in Nations League Match
Pope Leo XIV and Prince Albert II of Monaco Meet in Metz
SNCF Expands Low-Cost Ouigo High-Speed Service Between Lyon and Bordeaux
Paris Expands Dedicated Cargo Bike Routes for Urban Deliveries
French Film Industry Pushes for Tighter Streaming Investment Rules
Marseille Court Hands Down Prison Terms in Public Procurement Corruption Case
LVMH and Kering Rely on US Demand as Chinese Luxury Spending Slows
Toulouse Aerospace Sector Launches €80 Million Modernization Fund
Javier Milei Courts French Investment in LNG and Lithium
Mistral AI Launches Sovereign Model for European Public Services
French Competition Authority Fines Retailers €40 Million Over Misleading Promotions
France Records Exceptional Electricity Exports as Nuclear Output Recovers
Dassault Aviation Expands Rafale Assembly Capacity at Mérignac
Sanofi Invests €1 Billion in New Biologics Production Hub Near Lyon
France Protests Germany’s Extension of Border Controls Into 2027
French Public-Sector and Transport Unions Threaten National Strike
France Deploys Riot Police After Violence in Lyon Suburbs
French Anti-Terrorism Prosecutors Investigate Radicalized Flydubai Co-Pilot
France’s Defense Budget Surpasses NATO’s 2% of GDP Target
French Government Faces No-Confidence Threat Over Budget
France and G7 Release 100 Million Barrels From Strategic Oil Reserves
France Convenes Emergency Defense Council Over Threats to Commercial Shipping
France and Germany Coordinate Military Response After Russian Strikes on Kyiv Infrastructure
UK Police Release Six Iranian Nationals on Bail After RAF Fairford Security Alert
UK Business Confidence Falls as Energy Costs and Tax Uncertainty Rise
Cornwall Insight Warns UK Energy Bills Could Rise 16% in January
UK Introduces Zero VAT on Household Electricity Bills
UK 30-Year Gilt Yield Hits 6% as Bond Market Pressures Intensify
UK Introduces Stricter Subcontractor Checks and Expanded Trade Union Access
Green Party Proposes Three-Year Emergency Freeze on Private Rent Increases
UK Treasury Committee Seeks Tax Clarification Over Manchester City Investigation
Royal Marines Deploy to Faroe Islands for Northern European Security Exercise
UK Business Confidence Weakens as High Costs Delay Investment
×