The Financial Conduct Authority (FCA) has today fined Barclays Bank £72,069,400 for failing to minimise the risk that it may be used to facilitate financial crime.
"According to the regulator, Barclays staff bent over backwards to get a
potentially corrupt deal through, while bank bosses were nowhere to be
found," said Stuart McWilliam, senior campaigner at Global Witness.
"So today’s move is very welcome, but cash fines are not enough of a
deterrent. To stop this kind of flagrant rule breaking happening again, the FCA
should take action against senior executives. The government must not water
down new rules to do that if it is serious about tackling financial crime.”
Notes to editor:
For more information on Global Witness work on banks and financial crime, see here.
You might also like
Banks and Dirty Money
How the financial system enables state looting at a devastating human cost.
Tip of the iceberg: the role of the banks in the FIFA story
The headlines generated by the U.S. investigation into FIFA reveal allegations of serious corruption at football’s governing body.
How banks do business with corrupt regimes.