Islamic charities lose millions as ‘risk-averse’ banks block donations – think tank
Millions of pounds worth of donations to British charities have been blocked or returned by global banks, amid terror financing concerns. Humanitarian operations in Syria, Iraq and Gaza are in jeopardy as a result, a think tank warns.
In recent months, a slew of international banks including HSBC, UBS and NatWest have frozen accounts held by UK-registered charities and global NGOs that deliver aid to crisis-ridden conflict zones.
International development think tank, the Overseas Development Institute (ODI), warns banks’ “overly risk-averse action” towards charitable organizations and NGOs in Britain is a direct result of UK counter-terror legislation.
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Muslim charities in UK say banks blocking donations