NIGEL Farage has said he has been left unable to open a UK bank account because of his political opinions.
In a video posted on social media Farage revealed that his long-standing bank had severed ties with him and that numerous other banks had all turned down his custom.
“I’ve been living with something for the last couple of months that may well fundamentally affect my future career going on from here and whether I can even stay living in this country,” he said.
“I have been with the same banking group since 1980. I’ve had my personal accounts with them since that date and my business accounts. Right through the 1990s while I worked in the City of London and in recent years, too.
“I got a phonecall a couple of months ago to say ‘we are closing your account’.
“I asked why. No reason was given.”
Farage then stated that the bank, which he did not name, later told him it was a “commercial decision”.
Despite asking seven other banks if he could open an account, Farage claimed all had declined to have him as a customer.
He added that he believed European Union laws around Politically Exposed Persons (PEP) were to blame for his inability to open an account.
The Financial Action Task Force, a global money laundering and terrorist financing watchdog, defines Politically Exposed Persons as individuals who undertake a “prominent public function” and are therefore considered “high-risk” by financial institutions.
In many places, including the EU and the UK, their accounts are subject to additional anti-money laundering measures due to their potential involvement in bribery or corruption.
Farage believes that he is considered such a person by banking institutions and that the “EU definition which came into British law” should be moderated.
“It’s all about interpretation, isn’t it? What the banks argue is that to maintain an account for a Politically Exposed Person gives them increased costs of compliance.
I disagree profoundly with much of @Nigel_Farage’s politics - especially on #ScottishIndependence, but this is a disgraceful way to treat anyone in a mature democracy. If you thinks it’s okay “cause it’s just Farage” then don’t expect any sympathy or help when the do it to you. https://t.co/cmDAxq851O
— Neale Hanvey MP ❤️🏴✊ (@JNHanvey) June 29, 2023
“But of course any bank or the organisation can choose to interpret a PEP or whether they want the account in any way they choose.
“To my knowledge, I don’t think anybody has been treated like me in the world of politics.
“But the banks themselves are part of the big corporate structures in this country. These are the organisations who did not want Brexit to happen.
“And I think in my case, probably the corporate world will never forgive me.”
He also said that Labour MP’s Chris Bryant’s use of parliamentary privilege to claim that Farage had received money from the Russian government may also have been to blame for his banking troubles.
Farage denies receiving any money from Russia.
Alba MP Neale Hanvey said that while he disagreed with Farage on many issues, the situation was concerning from a democratic perspective.
He tweeted: “I disagree profoundly with much of @Nigel_Farage’s politics – especially on #ScottishIndependence, but this is a disgraceful way to treat anyone in a mature democracy.
“If you thinks [sic] it’s okay ‘cause it’s just Farage’ then don’t expect any sympathy or help when the[y] do it to you.”
Farage added that the United Kingdom was becoming “completely unliveable because of the levels of prejudice” against him.
