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HSBC terminates Gaza-linked Islamic charity’s bank account and others

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c0a5sbc closes an array of muslim groups  accounts HSBC terminates Gaza linked Islamic charity’s bank account and others

In formal letters issued to a British think tank, a UK charity and a mosque in London’s Finsbury Park, HSBC claimed continued provision of its services would counter its “risk appetite”.

Family members of a man who runs the think tank in question have also received similar letters from HSBC. In those cases, the multinational bank reportedly offered no explanation for its decision to withdraw its banking services.

Finsbury Park Mosque

The first of these charitable organizations – North London’s Finsbury Park Mosque – received a letter dated July 22 from HSBC confirming its bank account would be terminated. HSBC notified the mosque’s treasurer that the account would officially close on September 22. The only explanation offered in the letter for this sudden termination was that the provision of such “banking services” now fell outside HSBC’s “risk appetite.”

Abu Hamza, who was convicted in the US of terrorist activities in May, formerly ran the mosque until 2005. Following Hamza’s departure from this role, the mosque’s chairman Mohammed Kozbar insists a considerable degree of work was carried out to transform its image. Whether HSBC targeted the mosque as a result of its former director’s criminal conduct, however, remains unclear.

Mohammed Kozbar expressed disbelief that HSBC failed to offer him or the mosque’s treasurers an opportunity to address the bank’s underlying concerns. Insisting the organization’s financial flows are legitimate and firmly rooted in Britain, he is unable to comprehend the bank’s motivation for terminating the mosque’s account.

“For us it is astonishing – we are a charity operating in the UK, all our operations are here in the UK and we don’t transfer any money out of the UK. All our operations are funded from funds within the UK,” he told the BBC.

“They have put us now in a very, very difficult situation – this is the only account we have,” he added.

Jeremy Corbyn, a local Labour MP for Finsbury Park, who has worked with the mosque since it was first built, condemned HSBC’s actions, stating he was “shocked” and “appalled” at the bank’s decision to withdraw the mosque’s banking services.

Ummah Welfare Trust

Another organisation targeted by HSBC in this fashion is Ummah Welfare Trust, an international relief and development charity that works to alleviate suffering and poverty throughout the world. It describes itself as being “inspired by the Islamic teachings of empathy, generosity and selfishness”.

Based in Bolton, the charity has channeled £70m to various projects in approximately 20 countries across the globe. It has also worked closely with the troubled Gaza Strip for a decade.

In a letter, also dated July 22, HSBC informed the trust its account would be terminated. The bank offered the same explanation it had given the Finsbury Park Mosque – the “provision of banking services now falls outside our risk appetite.”

The Ummah Welfare Trust has been an exemplary account holder at HSBC and persistently in credit, according to Mohammed Ahmad, who runs the think tank. In an effort to understand the motivations behind HSBC’s decision, Mohammed reportedly asked bank officials why the trust’s account was being terminated. He received no response.

In a recent interview with the BBC, Ahmad emphasized the think tank has “always tried to work within a legal framework and accommodate banks, if, for example, there was an issue with sanctions”.

Mohammad believes HSBC’s decision to close Ummah’s account may relate to the organization’s work in Gaza – where the think tank provides civilians there with “ambulances, food aid, medical aid, and grants”.

Mohammad emphasizes Ummah closely monitor organizations they work with to protect the integrity of their relief efforts – consciously avoiding any groups that have been blacklisted.

“What we do now is we do a check on Thomson Reuters and make sure that there is no link whatsoever with blacklisted organizations. We don’t want to damage our relief efforts. We have tried our best to be non-partisan as much as possible”, he insists.

Cordoba Foundation

Another organization singled out by HSBC is UK-based think tank, the Cordoba Foundation. Run by Anas al-Tikriti, the Cordoba Foundation focuses on addressing the relationship between Europe and the Middle East. It was set up in 2005. The letter from the bank was almost identical to that sent to the Finsbury Park Mosque.

According to Tikriti, he, his young sons, and his wife also received letters from HSBC informing them of the imminent closure of their accounts. Yet absolutely no explanation for HSBC’s decision was offered, he claims.

Originally born in Baghdad, Tikriti has lived in the UK for decades. Describing himself as a loyal and reliable account holder, he had banked with HSBC since the 1980s and had rarely been overdrawn. He has expressed grave concern that his entire family was targeted in such a flagrant fashion.

“It is unsettling. I am not used to being addressed in those terms. It’s like I have done something wrong. The involvement of my family disturbs me,” he told the BBC.

Reflecting on the broader issue of Islamic charitable organizations being singled out by HSBC, Tikriti emphasized that the majority of them are vocal on the issue of Palestinian rights.

‘Islamophobic campaign targeting UK Muslims’

This is not the first time HSBC had terminated swathes of bank accounts. In December 2012, the bank was forced to pay American authorities £1.2bn ($1.9bn) in a settlement relating to money laundering. HSBC had been accused of facilitating the laundering of funds emanating from drug cartels and states that were under US sanctions.

Following the settlement, HSBC requested over 40 consulates, embassies and High Commissions throughout the UK to terminate their bank accounts in 2013. The bank justified its actions at the time by claiming it had been “applying a rolling program of “five filter” assessments to all its businesses since May 2011, and our services for embassies are no exception.”

Khalid Qumar, a trustee for the Finsbury Park Mosque, questions the motives behind HSBC’s decision to issue these letters. Qumar believes HSBC’s actions are indicative of an “Islamophobic campaign targeting Muslim charities in the UK”.

But HSBC told the BBC the decision to close these accounts was “absolutely not based on race or religion”.

HSBC has thus far been unwilling to clarify its precise motivation for targeting these Islamic charitable organizations. “We do not discuss relationships we may or may not have with a customer, nor confirm whether an individual or business is, or has been a customer”, a HSBC spokesperson said.

Gaza connection?

At present, the full extent of HSBC’s motivation for closing these accounts remains unknown. But a number of factors are worth noting. All charitable organizations recently targeted by the bank have Islamic roots. Both the Cordoba Foundation and the Ummah Welfare Trust are particularly vocal with respect to Palestinian human rights. And none of the organizations are currently under investigation by the Charities Commission.

HSBC’s move to close these accounts follows the UK’s Independent Reviewer of Terrorism Legislation’s recent claim the UK’s anti-terror laws are too broad and should be used sparingly, retained only for their proper purpose.

Whether HSBC’s actions have been influenced by UK government officials citing the state’s anti-terror legislation is unclear. Probed on this issue on Wednesday, UK Government officials declined to comment.

Britain’s Charities Commission, tasked with regulating charities in England and Wales, believes HSBC’s actions were an “independent business decision”.

But the Commission is concerned about the implications of HSBC’s actions. “If these services are declined or withdrawn from a charity, harm could result to the effective delivery of its charitable work and its ability to operate transparently,” the Commission said.

Sarah Jane Brennan, RT

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HSBC terminates Gaza-linked Islamic charity’s bank account and others


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