My Take | Say goodbye to your bank accounts — the real ‘cancel culture’ in Anglo-America
- Banking is a fundamental utility like water and electricity, and that’s precisely why democratic societies are increasingly turning to its use as a method of censorship and repression
Accusing politicians of hypocrisy is mostly a pointless exercise. It’s a bit like chastising prostitutes for not practising chastity. Sometimes, though, they do take the cake when they jump on their soapboxes and point fingers at convenient targets to better distract people from noticing what their own government has been doing.
For example, politicians on both sides of the Atlantic have been attacking HSBC for refusing to return the Mandatory Provident Fund pensions of Hong Kong people who have moved to the United Kingdom under the BN(O) scheme. They make it sound like the bank is the only one doing it, and that the “victims’” accounts have effectively been confiscated by the Chinese/Hong Kong government. None of that is true.
The real issue, of course, is that BN(O) passports are no longer recognised as valid documents in Hong Kong, and all financial institutions in the city must follow this rule, not just HSBC.
British passports and other citizenship proofs are still considered valid, so yes, those BN(O)ers can get their full pensions back if/when they get their permanent residency or citizenship in the UK – because then, they will have valid documents to prove retirement or emigration. However, it’s increasingly clear that the UK government will end up rejecting many of them, as the reality behind the BN(O) scam, sorry, I meant scheme, sinks in.
Those who are rejected can, of course, return to Hong Kong. They may then retire and get their full pensions back. Otherwise, they can work and continue to contribute to their MPF accounts until retirement. Their money is safe.
Meanwhile, whose money is not safe? Well, that’s actually the real scandal I want to write about today. Banks and financial institutions in the UK, the United States and Canada have been cancelling people’s accounts left, right and centre, for their political views and/or activities.