Press release / Nov. 26, 2015

Global Witness reaction: FCA fines Barclays £72 million for poor handling of financial crime risks

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.”

/ ENDS

Contacts

Stuart McWilliam, Senior Campaigner on Money Laundering

[email protected]

+44 (0)7711007199

Oliver Courtney, Communications Manager

[email protected]

+44 (0)7912 517147

Notes to editor:

For more information on Global Witness work on banks and financial crime, see here.

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