A branch of Arab Bank, Gaza, 2010. Demotix/Horseman Rapid. All rights reserved.Just before Christmas we wrote an article for openDemocracy about the sudden and inexplicable decision by the international bank HSBC to close down a number of Muslim bank accounts. We interviewed four of the victims and reported their speculative claims that pressure from the United Arab Emirates was behind the decision. We also reported that there was persuasive evidence that some of the pressure was coming from the United States.
It is now possible to give a much more accurate account of events. This follows the publication of a brilliant and comprehensive paper by a former banker called Tom Keatinge.
Keatinge brings almost unlimited expertise to his task. In his report Uncharitable Behaviour, he argues that ever-stringent counter-terrorism regulation is hampering charity banking worldwide.
