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Coutts Bank Fined £8.75m Over Money Laundering Failings

Posted: 26/03/2012 11:58 Updated: 26/03/2012 12:35

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Couttspreview

Coutts, the exclusive private bank used by the Queen, has been fined £8.75m for failing to protect against money laundering, by the Financial Services Authority.

The FSA fined Coutts & Company, after finding "significant, widespread and unacceptable" failures in standards.

Tracey McDermott, acting director of enforcement and financial crime, said: “Coutts’ failings were significant, widespread and unacceptable. Its conduct fell well below the standards we expect and the size of the financial penalty demonstrates how seriously we view its failures."

According to the review by the financial watchdog Coutts was not taking "reasonable care" to maintain controls against money laundering which meant the bank faced an "unacceptable risk" of "handling the proceeds of crime."

In a statement the bank said: "Coutts has cooperated fully and openly with the FSA throughout the investigation. Coutts accepts the findings contained in the FSA's Final Notice regarding certain failures to meet the relevant regulatory standards between December 2007 and November 2010. Coutts has found no evidence that money laundering took place during that time."

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Coutts, the exclusive private bank used by the Queen, has been fined £8.75m for failing to protect against money laundering, by the Financial Services Authority. The FSA fined Coutts & Company, af...
Coutts, the exclusive private bank used by the Queen, has been fined £8.75m for failing to protect against money laundering, by the Financial Services Authority. The FSA fined Coutts & Company, af...
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Moose Luck 99
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12:23 AM on 03/31/2012
Candidate denounces Queen's drugs money

Published: 22 Mar 2012 07:34 GMT+1
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A fringe candidate for next month's French presidential election on Wednesday alleged that the Queen of England owes her fortune to drugs money laundered by "Jewish bankers in The City".

Jacques Cheminade, an independent, is one of 10 candidates who has been cleared by France's Constitutional Court to run in the April 22nd first round of the battle to unseat incumbent President Nicolas Sarkozy.

In particular, he was asked whether the Queen is a drugs baroness.

"No, not all her fortune," he replied. "There are many other sources, but it's a series of trafficking operations within which, yes, there were drugs."

Cheminade linked this claim to allegations about the Rothschild banking family, and compared the economic crisis to "the start of the Nazi regime and the measures it gradually put in place, as in the United States today."

Voting will not begin for four weeks, but opinion polls track Cheminade's support at less than one percent, or within the margin of error.
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Drg40
Representative Democracy is all we have.
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11:57 PM on 03/26/2012
I thought Coutt's had gone bankrupt.
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Michaelxx
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04:56 PM on 03/26/2012
fining the bank dont mean shit...fine the managers and top bosses. get the money out of their pockets
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lastpost
see biography
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02:27 PM on 03/26/2012
"Queen’s Bank Fined £8.75m Over ‘Unacceptable Risk’ Of Money Laundering."
Seems they were hanging it up outside to dry, on an insecure washing line.

"the bank faced an "unacceptable risk" of "handling the proceeds of crime."
Given that repayment of “wrongly sold” insurance, at taxpayers expense, is but one example of bank wrongdoing. Would it not be simpler to identify just the ethical transactions of the financial industry?

"Coutts has found no evidence that money laundering took place during that time."
Isn’t that the nature of the problem, in a nutshell?
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jacksdad41
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12:42 PM on 03/26/2012
Stand outside the Strand and marvel at Coutts clientelle moving in and out. It is the home of "personal wealth banking" with clients having their own personal bankers to shift considerable amounts of money day to day. How much of that money and how many of the clients do this in order to avoid paying their tax? Most of them - glad the FSA is attempting to sort out one of the most secretive banking organisations in the UK.
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eastlondon
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12:50 PM on 03/26/2012
Hate to ruin a good story but a lot of ordinary people bank here as well. Mainly it must be said for snob value as it cant match the high st banks for service etc
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jacksdad41
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01:06 PM on 03/26/2012
I used to contract for them - they are now owned by RBS group - there are a very small minority of "ordinary" people - believe me, anyone with a million plus will be "invited" to open an account. They have the brightest money movers in the UK.
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voiceofreason098
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01:00 PM on 03/26/2012
The rich will move their funds to save the most amount of money. It makes no difference what new laws are passed as accountants will find alternative routes to reduce the tax burden. Thats what we get paid for.
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jacksdad41
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01:08 PM on 03/26/2012
Agree with you @VOR - you think that makes the "all in it together" fairer as you are apid to find every possible loophle to prevent tax and capital gains payments - I do understand that is your role but it is onerous.
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