Wafic Said needs to find a new bank sharpish
Barclays has banned Syrian billionaire Wafic Said after conducting an anti-money laundering review.
The bank looked at a number of clients with regard to its legislation process, according to The Times, however it did not give a reason to Said for its decision and said the deal could not be appealed.
Former arms dealer Said has a charity account at Barclays for his fund of Oxford University’s Business school.
This account will need to be switched to another bank otherwise the charity will be forced to close.
Said, who was a family friend of Syrian President Bashar al-Assad, has already moved his family’s personal accounts.
Barclays was fined £72m and ordered to carry out due diligence last November by the Financial Conduct Authority.
In a statement at the time, the FCA said: “Barclays did not do so because it did not wish to inconvenience the clients.”
A spokesman for Said said the Tory donor was “extremely disappointed that… he is being treated in this irrational and irresponsible manner”.