HSBC has requested embassies and consulates around the world to close their accounts and transfer their funds to other banks within 60 days.
The US State Department said 40 countries have been affected, 16 in Africa.
The London-based bank said in a statement the missions which they consider ‘commercial customers’ are a risk because they fear the money can end up in a money laundering or drug cartel.
In 2012, HSBC was issued over $2 billion in fines by the US State Department for holding assets connected to Iran, Libya, and Mexico’s drug rings.
http://rt.com/business/h...lomats-bank-embassy-059/"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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