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Banks Write Letters. Former Financial Times Tehran correspondent Gareth Smyth informs a list we're on of a letter he received from his bank HSBC yesterday. Shared with permission:
I received a letter this morning from HSBC saying they would close my dollar accounts because they had "decided to formally suspend all US dollar banking activity involving Iranian residents".
This, says HSBC, is a "result of the latest UN sanctions". But later in the letter, the bank says: "We hope you will understand that HSBC Bank International is required to comply with the laws and regulations of all jurisdictions. This includes the provision of financial and /or other services to any persons or entities which [sic] may be subject to US sanctions".
The account is offshore UK, and any dollars in it have never been in Iran. The letter was sent to my address in London, where I am registered to vote and paying taxes.
The good news - for me - is that "if you are not living an working in Iran anymore, these sanctions are not applicable to you ..."
But the bank demands confirmation from a lawyer, embassy offiical or actuary that I no longer live in the Axis of Evil.