NatWest to pay $351 million for money laundering offences

LONDON - State-backed bank NatWest is to pay 265 million pounds ($351.13 million) in fines, after pleading guilty to failing to prevent the laundering of nearly 400 million pounds.

The fine, issued as a sentence on Monday, caps a landmark case in which NatWest became the first bank to be criminally prosecuted in Britain for an offence of this kind. The headline fine of 365 million pounds was deducted as a result of the lender's guilty plea. ($1 = 0.7547 pounds)