An activist organisation which has Labour leader Jeremy Corbyn as patron has had its accounts closed down over fears that it may be inadvertently funding terrorism.
Palestine Solidarity Campaign (PSC), whose patrons also include the Oscar winning actress Julie Christie and the playwright Caryl Churchill, was told by the Co-operative Bank that “risk-appetite” was the reason for closing its account.
In a statement, the bank said that due to the “high risk” locations in which PSC operates and send funds to, it had to carry out “advanced due diligence checks” on their accounts to ensure that funds do not “inadvertently fund illegal or other proscribed activities”.
The statement concluded that it was “not possible to complete these checks to our satisfaction and the decision to close a number of accounts, including the PSC and some of its affiliates, is an inevitable result of this process”.
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The bank closed another 20 organisations linked to Palestine, many of which are local PSC branches or projects launched by PSC.
Read more:
http://www.telegraph.co.uk/news/politics/Jeremy_Corbyn/12023669/Activist-group-linked-to-Jeremy-Corbyn-has-accounts-closed-amid-fears-it-may-be-funding-terrorism.html
