International banks shun Cuba under U.S. scrutiny

[Judi Lynn]

Source: Reuters

International banks shun Cuba under U.S. scrutiny
Thu Jul 19, 2007 8:02 AM BST
By Anthony Boadle

HAVANA (Reuters) - Heightened scrutiny of banking transactions by the United States since the September 11 attacks has led European and Canadian banks to curtail dealings with Cuba, bankers and businesses say.

Cuba ceased exporting armed revolution to Latin America two decades ago, but Washington still lists Communist Cuba as a "rogue" state that sponsors terrorism, along with Iran, Syria, Sudan and North Korea.

The USA Patriot Act allows U.S. authorities to confiscate assets and penalize institutions that fail to report money laundering and terrorist financing.

The result -- perhaps intended -- is that Western businessmen in Havana are having nightmares moving funds in dollars to and from Cuba because banks are increasingly refusing their business.


Read more: http://investing.reuters.co.uk/news/articleinvesting.aspx?type=tnBusinessNews&storyID=2007-07-19T070209Z_01_N18290401_RTRIDST_0_BUSINESS-CUBA-BANKS-DC.XML

[Kagemusha]

1. Why bother to write "perhaps" intended? Of course it's intended.

Silly to assume anything else at all...

[Vidar]

2. Hopefully Chavez's Bank of the South (correct title?) will render this

move ineffective.

[Lilith Velkor]

3. Gotta look busy while we're not watching Saudi or Pakistan

:eyes: