Business

NatWest hit with $350 million fine in money-laundering case

Published

2 years ago

14/12/2021

MNN

UK’s biggest business bank NatWest has been fined for failing to comply with money laundering rules, the country’s Financial Conduct Authority says.

British bank NatWest has been fined around $350 million (265 million pounds) for failing to prevent the laundering of hundreds of millions of pounds, in the first criminal money laundering case against a British bank.

A gang deposited hundreds of millions of pounds in cash at around 50 branches of NatWest, prosecutors for Britain’s financial regulator said on Monday, with at least one outlet receiving more than $52.8 million.

Couriers walked through the streets of towns across the country carrying bags of cash they deposited at the bank’s branches before the scheme was busted by police, the Financial Conduct Authority (FCA) told a judge.

One person in Walsall, central England, arrived at a branch with so much cash (around $925,000) that it burst the bin liners it was being carried in.

The money had to be repacked in hessian bags, the FCA’s lawyer Clare Montgomery said, adding the cash did not fit in the branch’s floor-to-ceiling safes.

“NatWest is responsible for a catalogue of failures in the way it monitored and scrutinised transactions that were self-evidently suspicious,” Mark Steward, the FCA’s executive director of enforcement, said in a statement.

Failure to enforce regulations

NatWest’s legal team said it accepted its failure to enforce the regulations but maintained that the suspicious deposits had been identified and scrutinised.

“The quality or adequacy of that scrutiny is another matter,” lawyer John Kelsey-Fry told the court.

NatWest chief executive Alison Rose has voiced the bank’s “deep regret” at failing to properly monitor the client and pledged “significant resources” to fight financial crime.

The offences related to operational weaknesses between 2012 and 2016, and involved Fowler Oldfield, a jeweller in Bradford, England.

Suspicions transactions

NatWest, the partially state-owned bank formerly known as Royal Bank of Scotland, had pleaded guilty on October 7 to charges related to deposits made by a jewellery business between 2012 and 2016.

Over the course of the relationship, the customer deposited over 482 million dollars (365 million pounds) with the bank, about over 348.8 million dollars (264 million pounds) of it in cash, the FCA said in a statement.

Although some NatWest workers reported suspicions about the transactions, the bank failed to take appropriate action, the regulatory agency said.

No individuals were charged as part of the proceedings.

NatWest is Britain’s biggest business bank and is majority-owned by taxpayers after a $59.5 billion pound-plus state bailout during the financial crisis.

Source: TRTWorld and agencies

Business

CWEIC office to establish in Maldives, Janah as Chair

Published

2 days ago

16/05/2024

Commonwealth Enterprise and Investment Council (CWEIC) has announced decision to establish its office in the Maldives, and appoint President Dr. Mohamed Muizzu’s Principal Advisor Mohamed Ali Janah as its Country Chair.

CWEIC in a statement on Thursday, said the office will be established to connect the Maldives government with international investors and businesses.

The Maldives hub office of CWEIC will play a vital role in seeking prospective investment opportunities from all 56-member nations of the Commonwealth. The office will also enhance strategic alliances and partnerships between these countries and the Maldivian government.

Veteran entrepreneur, Janah boasts of over 30 years of business relations with the Middle East.

Source(s): sun.mv

Business

Dubai company awarded the development of SEZ

Published

6 days ago

12/05/2024

An agreement has been signed by the Maldivian administration with UAE’s International Free Zone Authority (IFZA) to develop Special Economic Zones (SEZ) in the Maldives.

The agreement, officially co-signed by Minister of Economic Development and Trade Mohamed Saeed and IFZA Chairman Martin Gregers Pedersen during a special ceremony, marks a significant milestone in economic development.

Speaking at the ceremony, Minister Saeed emphasized the timeline for finalizing the agreement, committing to reach a consensus within the next four months. As part of the agreement, Fonadhoo in Kaafu Atoll will be transformed into a financial hub, featuring a new financial center and a bridge connecting Male’ and Hulhule. IFZA will bear the expenses for these developments.

The Ministry of Economic Development and Trade further highlighted plans for the Economic Gateway project in Ihavandhippolhu, aiming to attract investors with IFZA’s expertise. Addressing the attendees, Chairman Pedersen expressed confidence in the success of the project, underscoring collaborations with investors to further enhance opportunities in the Maldives.

The development of SEZs remarkably aligns with the President Dr. Mohamed Muizzu’s vision to diversify the economy and stimulate financial growth. The Maldivian administration is optimistic about attracting future investments and positioning the country as a desirable destination for business opportunities.

Source(s): PsmNews

Business

Over USD 713M generated attributing to revenue increasing by 3.7%

Published

1 week ago

11/05/2024

Ministry of Finance has revealed a remarkable surge in the government’s revenue generated as of April 25, which exceeds USD713 million. The latest weekly fiscal report publicised by the ministry indicates that this contributes to a 3.7% increase in revenue in comparison to the revenue of USD693 million, generated within the same period, in 2023.

The fiscal report shows that the revenue comprises USD 596 million in tax revenue, USD116 million in non-tax revenue, and USD3 million in aid received. Tax earnings include import duty, business and property tax (BPT), goods and services tax (GST), as well as earnings from GST. The breakdown of revenue generation includes USD45 million from import duties, USD168 million from BPT, USD330 million from GST, USD24 million from green tax, USD22.6 million from airport service charges, and departure tax.

Expenditures until April 25 totalled USD817 million, with USD629 million allocated to recurrent expenses and USD181 million to capital expenditures. This represents a significant reduction in expenditures compared to the USD244 million spent by the government in 2023, during the corresponding timeframe. Recurrent expenses cover USD207 million for salaries and allowances and USD408 million for administrative work. Meanwhile, capital expenditure primarily encompasses expenses related to structural development.

Source(s): PsmNews