London Daily

Focus on the big picture.
Saturday, Sep 26, 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
Royal Navy Diving Squadron Honoured for Global Bomb Disposal Efforts
UK State Pension Set to Approach £13,000 Per Year Under Triple-Lock
Rolls-Royce Wins Multi-Million-Pound Engine Contract with Philippine Airlines
TfL Questions Future of Heathrow Express Amid Proposed £33 Billion Expansion
Ed Miliband Warns Iran Against Hostile Operations on British Soil
S&P Global Manufacturing Index Signals Stabilization Amid Rising Fuel Costs
Prime Minister Andy Burnham Launches National Centre for Information Defence
UK Food and Drink Trade Deficit Surges to £21.1 Billion
OECD Upgrades United Kingdom Economic Growth Forecast to 1.1 Percent
Bank of England Faces Policy Challenges as Energy Prices Push Inflation Projections Higher
IMF Urges UK and Major Economies to Reduce Public Borrowing and Debt
UK Government Concedes Chagos Islands Sovereignty Deal is Dead Following Trump Opposition
Prosecutors Seek More Than 10 Years in Prison for Former DUP Leader Jeffrey Donaldson
UK Provided £66 Million in Emergency Security Funding for Mosques After Southport Disorder
Manston Inquiry Examines Role of Government Decisions in 2022 Overcrowding Crisis
Justice System Capacity Pressures Raise Concerns Over Release of Sex Offenders
UK Food and Drink Trade Deficit Widens to Record £21.1 Billion
UK Releases Climate Security Findings Previously Withheld Under Starmer
TalkTalk Races to Sell Consumer and Broadband Businesses as Administration Threat Looms
NHS Bodies Impose Minimum Two-Year Waits for ADHD and Autism Assessments
Andy Burnham Pledges £210 Million to Revive Boarded-Up High Streets
UK Borrowing Reaches £18.3 Billion in August Ahead of Autumn Budget
Vistry Cuts Profit Outlook as Losses Deepen and Private Home Sales Weaken
Reported Assaults on Great Britain’s Railways Rise Sharply
Far-Right Activist Daniel Thomas Arrested After Channel Dinghy Slashing
Ukrainians in Britain Face Greater Homelessness Risk as Host Payments Are Cut
Scottish Drug Deaths Rise as Synthetic Opioids Spread
UK Diesel Prices Approach Record High as Energy Costs Intensify
UK Food and Drink Trade Deficit Widens to Record £21 Billion
Britain’s Largest Planned AI Supercomputer Delayed by Power Grid Constraints
NHS Boards Impose Minimum Waits of Up to Two Years for ADHD and Autism Assessments
Police Arrest Far-Right Activist After Migrant Dinghy Slashed in English Channel
Synthetic Opioids Drive Renewed Rise in Scotland’s Drug Deaths
Reported Assaults on Britain’s Railways Rise 20% in a Year
Vistry Cuts Profit Forecast as Losses Weigh on UK Housebuilder
TikTok Drops Appeal and Accepts £12.7 Million UK Data Protection Fine
Russell Group Urges UK Government to Drop Proposed International Student Levy
Legal & General Plans to Cut 1,000 Jobs by Mid-2027
UK Health Bill Would Remove Independent Governors From NHS Foundation Trusts
BMA Raises Patient Safety Concerns Over Advanced Practitioners Filling Doctor Rotas
UK’s Largest AI Supercomputer Delayed by Power Supply Constraints
NHS Orders Security Cameras in Neonatal Units Following Thirlwall Inquiry
Post-Brexit Trade Barriers Cost UK Economy Up to £6.5 Billion a Year, Analysis Says
UK Parliament Launches Inquiry Into Bank of England Monetary Policy Independence
Global Bond Selloff and Higher Oil Prices Narrow UK Budget Options
UK Prime Minister Andy Burnham Addresses UN and Holds First Meeting With Donald Trump
Royal Navy Commandos Complete Maritime Operations Training With US Navy SEALs
Vistry Profit Warning Adds to Concerns Over UK Housebuilding Conditions
UK Commits £343 Million to Major Expansion of Community Mental Health Services
Five Eyes Partners Back UK-Led Campaign Against Global Fraud Networks
×