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Transparency International UK Statement on Barclays’ Fine

26th November 2015 – London – Commenting on the decision of the Financial Conduct Authority to fine Barclays Bank for failing to conduct proper anti-money laundering checks Robert Barrington, Transparency International UK Executive Director said:


“It is extremely disappointing that a company of Barclays’ standing has been involved in breaching the anti-money laundering regulations.  The banks are meant to be this country’s front-line defence against money laundering, and this failure, coming on top of others, suggests that the system needs a radical overhaul.  While we welcome the regulatory action and the fact that the company has cooperated with the investigation, for a failure on this scale we would expect to see action taken against  key individuals, which may include prosecution or being de-barred from working in financial services. This incident also brings into question the government’s  recent decision to shy away from making senior managers responsible for such failures.  That decision should now be re-visited.”

Earlier this week TI-UK published a report highlighting the failings in the UK’s anti-money laundering systems.


Read 529 times Last modified on Thursday, 26 November 2015 10:22

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