Marine Le Pen decries ‘banking fatwa’ as accounts are closed
The French far-right leader is furious after her Front National and personal bank accounts were closed
Marine Le Pen, the leader of France’s far-right Front National, has claimed she is the victim of a “banking fatwa” after her personal accounts were closed, along with those of her party.
Le Pen, who lost the presidential run-off to Emmanuel Macron in May, accused “financial oligarchies” of trying to “suffocate” the political opposition and democracy.
HSBC shut down a bank account Le Pen has held for 25 years just a day after Societe Generale, France’s second-largest bank, asked the Front National to close all its accounts after a 30-year relationship.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
“After being the victim of massive judicial persecution, we are witnessing a new stage in the persecution of the National Front - banishment from banking,” Le Pen told a press conference.
Her claim of “judicial persecution” was a reference to the decision by parliament earlier this month to strip her of immunity from prosecution for tweeting pictures of atrocities committed by the Islamic State group.
“Under French law, banks are allowed to close accounts unilaterally”, so long as they provide notice in advance, says the BBC. HSBC and Societe Generale have neither confirmed nor denied closing the accounts, citing banking confidentiality, according to Reuters.
HSBC, Britain’s biggest bank, has in the past been criticised for closing the accounts of small business customers and charities. Its latest decision “comes amid heightened scrutiny of political accounts”, donations and money laundering, says The Guardian.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Reviving an old campaign tactic, Le Pen sought to suggest the banking establishment was trying to “silence the voices” of almost 11 million people who voted for her in May. She pledged to sue both HSBC and Societe Generale for discrimination.
“This isn’t the first time Le Pen’s party has had trouble with banks,” says Politico. According to the BBC, in 2014 the Front National accepted Russian loans of €11m when French banks declined to lend it any money.
It was also refused loans to fund its campaign for the presidency, and has subsequently appealed directly to supporters for loans.
Since it lost the presidential election to Macron, the Front National has been beset by infighting, which culminated in Le Pen’s right-hand man and friend Florian Philippot stepping down as vice president in September.
-
‘Congratulations on your house, but maybe try a greyhound instead’Instant Opinion Opinion, comment and editorials of the day
-
How climate change poses a national security threatThe explainer A global problem causing more global problems
-
The 5 best TV shows about the mobThe Week Recommends From the show that launched TV’s golden age to a Batman spin-off, viewers can’t get enough of these magnificent mobsters
-
The WW2 massacre dividing Senegal and FranceUnder the Radar A new investigation found the 1944 Thiaroye attack on ‘unarmed’ African soldiers was ‘premeditated’, and far deadlier than previously recorded
-
Sanae Takaichi: Japan’s Iron Lady set to be the country’s first woman prime ministerIn the Spotlight Takaichi is a member of Japan’s conservative, nationalist Liberal Democratic Party
-
Prime minister shocks France with resignationSpeed Read French Prime Minister Sebastien Lecornu submitted his government’s resignation after less than a month in office
-
Russia is ‘helping China’ prepare for an invasion of TaiwanIn the Spotlight Russia is reportedly allowing China access to military training
-
Interpol arrests hundreds in Africa-wide sextortion crackdownIN THE SPOTLIGHT A series of stings disrupts major cybercrime operations as law enforcement estimates millions in losses from schemes designed to prey on lonely users
-
China is silently expanding its influence in American citiesUnder the Radar New York City and San Francisco, among others, have reportedly been targeted
-
How China uses 'dark fleets' to circumvent trade sanctionsThe Explainer The fleets are used to smuggle goods like oil and fish
-
One year after mass protests, why are Kenyans taking to the streets again?today's big question More than 60 protesters died during demonstrations in 2024