HSBC’s decision to close down these bank accounts is welcome. For far too long, Muslim Brotherhood groups in Britain have escaped censure in spite of their promotion of extremism and their connections to terrorism. Even if the government is dithering, at least the private sector is acting.
Read the story here
It is very good to see that it was the bank itself that decided not to do business with these organizations.
It’s an invitation to abuse for the govt to declare some organizations taboo based on what some govt apparatchik feels like on any given day (ref: IRS targeting Tea Party or other conservative organizations).
HSBC stands for “HongKong and Shanghai Banking Corporation.” It looks like the Asians are smarter than the Westerners.
HSBC paid $1.9 billion a couple of years ago to settle a money laundering charge by The Dept. of Justice and Commerce.
http://money.cnn.com/2012/12/10/news/companies/hsbc-money-laundering/index.html
They don’t want to get burned again supporting Hamas terrorist.
@Name Redacted – HSBC has its roots in Asia (since 1865) but its headquarters in London (since 1991), and the senior executive roster is all European except for one Asian.
Don’t know about major stockholders, though…
@Dr. Tar – Yes, I remember that well as a friend of mine works for HSBC. I imagine that a $1.9B whacking might make one want to avoid similar circumstances in future…!