Bankrupt gold dealer James Stunt is one of 13 people charged with money laundering linked to a UK jeweller at the heart of an alleged £365 million ($505m) criminal case against one of the country’s biggest banks.
Bradford-based gold merchant Fowler Oldfield is alleged to have received £2m a day in bags of cash as well as allegedly laundering £365m through its NatWest Bank accounts over a five-year period from 2011 to 2016.
The National has learned that 13 defendants will face trial next year in connection with the case following a long-running police operation.
In a separate landmark criminal case linked to the jeweller, the UK's Financial Services Authority (FCA) has brought criminal charges against Britain’s NatWest Bank, one of the world’s oldest institutions, for allegedly violating money laundering laws over a five-year period.
The former director of Fowler Oldfield, Gregory Frankel, who was a vice-president of Mr Stunt’s firm Stunt & Co, will also stand trial.
Mr Stunt - the former husband of F1 heiress Petra Ecclestone - and Mr Frankel also jointly-owned international gold trading business Fort Bullion, whose offices in Mayfair were raided by the police in 2016.
West Yorkshire Police and the UK's National Crime Agency investigated Fowler Oldfield in 2016 and carried out a number of raids across the country.
The investigation culminated in Mr Stunt, Mr Frankel and 11 other people being charged with money laundering. Both Mr Stunt and Mr Frankel deny the charges.
A 12-week trial is set to take place at Leeds Crown Court next year.
On Tuesday, the FCA announced it was bringing charges against NatWest Bank in connection with the jeweller and a hearing will be held at London’s Westminster Magistrate’s Court in April. The bank is 62 per cent-owned by the UK government.
The FCA said the case, which is its first ever criminal trial against a bank, involves “increasingly large” deposits that were made into the accounts of a UK-incorporated customer between November 2011 and October 2016.
[Natwest] has made significant, multi-year investments in its financial crime systems and controls
The transactions totalled £365m, including £264m of cash deposits, the FCA said.
NatWest said it was notified of the investigation in July 2017 and is co-operating with financial regulators.
“NatWest Group takes extremely seriously its responsibility to seek to prevent money laundering by third parties and accordingly has made significant, multi-year investments in its financial crime systems and controls,” the bank said in a statement.
A first court appearance is scheduled for April 14 at Westminster Magistrate’s Court.
The charges could lead to an unlimited fine, the FCA said.
Fowler Oldfield went into liquidation in 2016 and its assets were seized by the police under the Proceeds of Crime Act.
Fort Bullion was dissolved in 2018 and Stunt & Co has been placed into compulsory liquidation.
Mr Stunt and Ms Ecclestone, who have three children together, divorced in 2017.
The socialite was once worth an estimated £3 billion, but his assets were frozen by the High Court in 2018 at the request of the Crown Prosecution Service.
The 42-year-old was declared bankrupt in 2019 and last year his £11m luxury cottage in Belgravia, in central London, was repossessed.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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