By Andy Bloxham
Barclays is closing the bank accounts of British customers, who are working in this country for businesses linked to Iran, to conform with US anti-terror laws. The bank, which has considerable business interests in the US, is using guidelines drawn up under the Patriot Act to target firms which have not broken any laws in the UK.
The development emerged after a letter, which was written to lawyers representing employees of the Iranian-owned Bank Saderat and Melli Bank, was leaked to The Times newspaper.
Both banks have bases in the City of London, they are fully licensed to operate in Britain and are regulated by the Financial Services Authority.
There are Treasury and European Union sanctions in place against Iranian firms but neither of the banks are punished under those rules. Read more ...
Barclays is closing the bank accounts of British customers, who are working in this country for businesses linked to Iran, to conform with US anti-terror laws. The bank, which has considerable business interests in the US, is using guidelines drawn up under the Patriot Act to target firms which have not broken any laws in the UK.
The development emerged after a letter, which was written to lawyers representing employees of the Iranian-owned Bank Saderat and Melli Bank, was leaked to The Times newspaper.
Both banks have bases in the City of London, they are fully licensed to operate in Britain and are regulated by the Financial Services Authority.
There are Treasury and European Union sanctions in place against Iranian firms but neither of the banks are punished under those rules. Read more ...
Source: Telegraph
H/T: Shariah Finance Watch
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