Putting record straight

It has recently been brought to our attention that as part of his article entitled World’s Banks are Caught Out that was published in your newspaper on 22nd February 2013, John Mann commented that “The Queen’s bank, Coutts laudered money from suspected criminals and foreign despots.”

In March 2012, Coutts announced that it had reached a settlement with the Financial Services Authority (FSA) following an investigation into Coutts & Co’s anti-money laudering (AML) systems and controls in relation to high risk clients. Coutts agreed to pay a fine relating to historic activity undertaken between December 2007 and November 2010.

Coutts cooperated fully and openly with the FSA throughout the investigation and accepted the findings contained in the FSA’s Final Notice regarding certain failures to meet the relevant regulatory standards between December 2007 and November 2010. Most importantly, the FSA found no evidence that any money laudering took place during that time.

Alastair JT Main

Legal Counsel, Coutts & Co