Embassies, Diplomats, Banks, OH MY!

Posted on August 4, 2013 by RonMamita — 4 Comments

This is a major development that need to be transparent and with full disclosure.
What criminal and/or policy controls are shifting in global finance?
Is September 1, 2013 a financial policy deadline?
What has been preplanned after September 2013?
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Havoc: HSBC’s decision to sack embassies as customers has caused chaos also because other banks refused to take their business

The Pope’s representative office in Britain, the Apostolic Nunciature, has banked with HSBC for many years but was told to find another bank.

One diplomatic source said he believed HSBC feared being exposed to embassies after it was fined $2billion (£1.32billion) by US authorities last year.
Marching orders: The Vatican’s representative office in Britain has been told by HSBC to find another bank.

“John Belavu, minister at the Papua New Guinea High Commission, said: ‘We’ve been banking with HSBC for 22 years and for them to throw us off in this way was a bombshell.’

Lawrence Landau, honorary consul of Benin, said: ‘We have been trying everyone, but all the UK banks are clamming up.’

Other embassies are equally fraught. One said: ‘HSBC did not give us any real explanation. They have only given us until the middle of August to find another bank. We can’t find one and we are going crazy.’

Banking sources said diplomatic missions are considered to be ‘politically exposed’, which means they are at risk of money laundering activities.

HSBC, however, claims its decision is part of an assessment of all business customers to see if they satisfy five criteria – ‘international connectivity, economic development, profitability, cost efficiency and liquidity’.

One diplomat said: ‘We don’t even know what these criteria mean.’

HSBC would not explain the requirements to The Mail on Sunday and merely said: ‘HSBC has been applying a rolling programme of “five filter” assessments to all its businesses since May 2011, and our services for embassies are no exception.’

The Foreign & Commonwealth Office said it was in contact with HSBC and had provided a number of diplomatic missions with letters of introduction ‘to help in opening a new bank account’.”

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