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Mikko
@moo
The UK bank Barclays was fined for money laundering in a scheme that bears a resemblance to the Netflix TV series "Gentlemen". The underlying crime was probably a drug business which laundered money using a jewellery company called Fowled Oldfield with Israeli and Dubai connections. The FCA makes it sound like Barclays failed to identify that they were banking the scam scheme, even after the police and FCA had notified them. In the space of just over a year, Stunt & Co received £46.8 million from Fowler Oldfield, a multimillion-pound money laundering operation. Barclays failed to properly consider the money laundering risks associated with the firm even after receiving information from law enforcement about suspected money laundering through Fowler Oldfield, and after learning that the police had raided both firms. Prosecutors alleged that from January 2014 to September 2016, couriers and employees of Fowler Oldfield took deliveries of huge amounts of cash and deposited the money into the company’s accounts at U.K. lender NatWest, which the co-conspirators used to pay suppliers for gold bullion that they then shipped to Dubai. https://www.bbc.com/news/articles/c153pdkpvp1o
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