JPMorgan about to get unpopular in diplomatic circles

Author: Adam Button | Category: News

JPMorgan is shutting Chase banking accounts and cancelling credit cards of all current and former non-US senior government officials, according to the FT.

The bank cites rising compliance costs but critics wonder why US diplomats were left out.

José Antonio Ocampo, the former finance minister of Colombia who was once nominated to become president of the World Bank:

“Friday was hell for me,” Mr Ocampo told the Financial Times. “I had all my money frozen. I am being treated like a criminal.”

The move will affect about 3,500 individuals.

The US is on a major money laundering crackdown.

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