HSBC, Muslims and Me

Respected UK journalist Peter Osborne dug deep to discover use of a “World Check” Thomson Reuters database being used to blacklist UK Muslims. The World Check database is nothing more than a trawl of public information from sources such as Wikipedia and blogs, but has had devastating effects on UK Muslims whose bank accounts have been closed without explanation or appeal by HSBC.

In an investigative BBC Radio 4 documentary, HSBC, Muslims and Me Peter Osborne found HSBC began closing bank accounts of several prominent British Muslims last year. No explanations and no right of appeal were offered to customers for whom in some cases such as the Cordoba Foundation, not only was the business account closed, but the accounts of its chief executive, his wife and their two teenage children.

Use of Public Information – Hasbara

World-Check’s profiles are created from publicly available information of the kind that anyone can access or create. Upon review by the BBC it was discovered information from Wikipedia as well as blogs is used. Use of such easily manipulated and often false information presents a risk to all public profile individuals.

It is alleged Israel employs thousands to troll the net, creating websites, targeting Wiki pages, and trolling activists to smear, silence and intimidate anyone speaking out against its policies — they are now so widespread, that the word ‘hasbara’ has become synonymous amongst Palestinians activists.

HSBC and Islamic Finance

Despite having largely exited retail Islamic Banking by withdrawing its Ammanah offering, HSBC remains a major player in Islamic capital markets as a leading arranger of Sukuk having participated in landmark Islamic finance transactions in the Middle East, Asia and Europe. The latest revelations of alleged criminality against it deeply damage its Islamic finance standing.

Earlier this year it emerged HSBC had conspired with wealthy individuals in tax evasion at the expense of mostly Western governments. These allegations follow on from previous wrongdoings including money laundering for South American drug cartels, terrorist funding facilitation and a 2012 $1.9 Billion fine to settle US investigations of sanction busting dealing with Iran.

Peter Oborne

Peter Oborne is the associate editor of the Spectator. He resigned from the Daily Telegraph after the newspaper failed to publish an article about HSBC’s closure of accounts.