Saudi Press

Saudi Arabia and the world
Thursday, Jul 10, 2025

The irony of protesters urging US action against HSBC

The irony of protesters urging US action against HSBC

Protesters have launched a petition to the White House to ban HSBC from the US financial system, but the kind of client due diligence that led to the bank shutting down Spark Alliance’s account is imposed by Americans.
I never thought I would feel sorry for a big bank like HSBC. But in the furore over the police investigation of Spark Alliance HK, a non-profit set up to help protesters, for money laundering, it has innocently become a target of the protest movement.

One of its branches was vandalised over Christmas, as was another one owned by subsidiary Hang Seng Bank. As of Friday, a petition to the White House to ban HSBC from the US financial system had been signed by more than 2,000 people, over its decision to close Spark’s account.

Meanwhile, lawmaker and Civic Party chief Alvin Yeung Ngok-kiu is trying his best to stir the pot.

This is how the opposition and protesters operate against anyone or group that crosses them these days.

The bank, however, has presented a rather different sequence of events. The police decision to freeze about HK$70 million (US$9 million) from the fund came after HSBC shut down its account over irregularities the bank uncovered after mandated due diligence of clients.

If there was a regulator involved back in November, it was the Hong Kong Monetary Authority.

The irony is that it’s really American dominance of the global financial system that forces international banks such as HSBC to adhere to the kind of strict due diligence that led it to shut down clients such as Spark.

The tough monitoring demanded by Americans is aimed at enforcing US sanctions, and to fight money laundering and terrorist financing.

The bank has been fined so heavily by US regulators in recent years it has to be on its best behaviour. That’s why political activists and groups in Hong Kong, whether blue or yellow, often find it difficult to open accounts with international banks. No, they are not kowtowing to Beijing, but Washington.

In a radio interview, Yeung said the HKMA and especially the police were most responsible for the Spark incident, and that HSBC was probably “passive”.

But such due diligence is carried out by all banks under the supervision of the HKMA. As for the police, he made the extraordinary claim that freezing the fund would undermine Hong Kong’s reputation as a financial hub because it means private properties are not safe!

Let’s see the evidence in court first. If it stands, police are just doing their job. If not, Yeung could blast away.

But, despite being a barrister, he couldn’t help making insinuations against police.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Russia Formally Recognizes Taliban Government in Afghanistan
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Emirates Airline Expands Market Share with New $20 Million Campaign
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
×