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PathWalker
5th August 2013, 07:06
Consulates and the Vatican in chaos as HSBC tells them to find another bank

http://www.dailymail.co.uk/money/news/article-2384003/Consulates-Vatican-chaos-HSBC-tells-bank.html


Diplomats in London have been thrown into chaos after Britain’s biggest bank, HSBC, sacked them as customers and gave them 60 days to move their accounts.

Their situation has been made far worse because other banks have been closing ranks and refusing to take their business.

More than 40 embassies, consulates and High Commissions have been affected. Even the Vatican has been given its marching orders.

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.


It was blamed for alleged money-laundering activities said to have been conducted through its Latin American operations by drug cartels. HSBC admitted at the time that it had failed to effectively counter money laundering.

Bernard Silver, head of the Consular Corps, which represents consuls in the UK, said: ‘HSBC’s decision has created havoc. Embassies and consulates desperately need a bank, not just to take in money for visas and passports, but to pay staff wages, rent bills, even the congestion charge.’

Embassies also have to pay for ambassadorial accommodation and sometimes even school fees for diplomats’ children. None of these bills can be settled without a valid British bank account.

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’.

The debacle comes as HSBC prepares to unveil its half-year profits tomorrow. The group is expected to report that it made $14.6billion (£9.6billion) in profits for the first six months of the year. It made $12.7billion in the same period last year.


I wonder who and what is behind this move.

The Vatican owns and control most of the banks around the world. This move is somewhat kind of a provocation. The banksters can easily pay and bribe the regulators with imaginable amounts.
It is not the money play, it is the power game. We are watching.

araucaria
5th August 2013, 08:15
I wonder who and what is behind this move.

Well clearly, it is someone who considers that 30 billion annual profit is simply not enough.

thunder24
5th August 2013, 12:21
hong shang banking corp...hhhmm...........wheres fulford whenhyou need him.. good find

peace

Selene
5th August 2013, 12:49
hong shang banking corp...hhhmm...........wheres fulford when you need him.. good find

peace

HSBC is actually British, part of the Old Raj. Their original involvement in Hong Kong was as the financiers for the British opium trade. That opium trade was the reason the Brits were kicked out of China and given the then-desolate island of HK as a 99-year concession by Peking was part of a deal to attempt to remove access to opium from Chinese mainland addicts (whom the British had addicted and were profiting from). True story. (But one that - ahem - the now very wealthy British Lords don't exactly want told these days.) See The Opium Wars (http://en.wikipedia.org/wiki/Opium_Wars)


But the news today does suggest that even the rats are now deserting black ops money. Love it.

Cheers,

Selene

Positive Vibe Merchant
5th August 2013, 23:38
This is an interesting development. Regardless of who is in control of the bank, it continues the line of the power shift in finances moving from the west to the east.

thunder24
6th August 2013, 01:58
is this a breaking of one cabal (city of london) from another (vatican)>?

eva08
6th August 2013, 05:57
It smells to me just like another major rip off scam... Now let's see who will be profiting by this move of HSBC???? Now that's a good question .. and I am sure there are several good answers to come.

Positive Vibe Merchant
7th August 2013, 00:45
The way it seems to me, is that there is always going to be a 'power structure' in place at the top of the pyramid. The important thing to us minions is how we are being treated by that power structure. Are they doing things that benefit the earth and its citizens, or destroying the fabric of society and ecology...

PVM