Barclays bank has forced the closure of the Saïd Foundation’s bank account The Guardian has reported. Barclays have not provided an explanation for the reported closure which comes at a time of growing concern about restrictions placed on philanthropic institutions around the world.
The Saïd Foundation, established by businessman and philanthropist Wafiq Saïd, funds projects in the UK and the Middle East. The foundation is most well-known in the UK for helping to establish the Saïd Business School at the University of Oxford.
Concerns about the closing space for philanthropy are the focus of a survey jointly conducted by Alliance magazine and the Brussels-based European Foundation Centre. The survey can be accessed here
https://www.alliancemagazine.org/blog/survey-survey-on-closing-space-for-philanthropy-launched/
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I recently tried to open a bank account with Barclays for an award-winning Indian NGO seeking charitable registration in the UK. We have huge credibility and Barclays treated us like criminals. Our account was denied and the lovely CAF, who put us through strict due diligence, quickly granted us an account. It seems it is now a privilege to be allowed to bank and it doesn't surprise me that Barclays are behaving like this.