Citibank Cuts Off Gun Businesses but Does Business With Iranian Terrorists
Citibank is being attacked for its recent actions to limit sales of legal firearms by critics who note that the massive bank was willing to do business with Iran a few years ago until it was fined by the Treasury Department.
“Citibank…they preemptively buckled under the pressure by refusing to cooperate with businesses that legally sell certain #firearms…Meanwhile, the Treasury Department found that same company, @Citibank, violated sanctions and did business with, wait for it…Iran!” NRATV tweeted, quoting spokesperson Dana Loesch.
"Citibank…they preemptively buckled under the pressure by refusing to cooperate with businesses that legally sell certain #firearms…Meanwhile, the Treasury Department found that same company, @Citibank, violated sanctions and did business with, wait for it…Iran!” –@DLoesch pic.twitter.com/4twtL2YPnj
— NRATV (@NRATV) March 26, 2018
Last week, Citibank said that it would no longer do business with legal firearms stores unless they agree to the bank’s most recent demands.
“Under this new policy, we will require new retail sector clients or partners to adhere to these best practices: (1) they don’t sell firearms to someone who hasn’t passed a background check, (2) they restrict the sale of firearms for individuals under 21 years of age, and (3) they don’t sell bump stocks or high-capacity magazines,” wrote Ed Skylar, executive vice president of global public affairs, on the bank’s blog.
Skylar insisted that the policy “is not centered on an ideological mission to rid the world of firearms.”
“But we want to do our part as a company to prevent firearms from getting into the wrong hands,” he wrote.
But some noted that Citibank has, in the past, been willing to do business with groups that were banned by the U.S. government.
IRAN: THE ROLE OF CITIBANK – The New York Times – https://t.co/sLLNjjYWqB
Citibank refuses to do business with Companies who sell guns to Americans but they deal with Iran? Once again "To be a Democrat, you must first be a lying hypocrite."— Larry Nelson (@southernarcher) March 27, 2018
https://twitter.com/seanmdav/status/977351040046641153
In 2014, Citibank was required to pay $217,841, Reuters reported.
The Treasury Department said at the time that the bank was under investigation for violating multiple sanctions programs of the Office of Foreign Assets Control. It alleged that Citibank processed more than $750,000 worth of transactions to banned individuals or groups in Iran.
Loesch was not alone in criticizing the actions of the bank.
South Dakota state Rep. Kristi Noem, a Republican, said that the bank is trampling on the Americans’ rights.
“This is a constitutionally protected right. The Second Amendment is incredibly important to the people of South Dakota and what Citibank did was to come out and infringe on that right,” she told KSFY.
“I do not think it’s a business’s place to mandate to people, that they do business with, especially a bank, that they have to comply with their own set of rules and regulations,” Noem said.
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