USA Fines another Company for Links with Cuba

USA Fines another Company for Links with Cuba Washington, Aug 26. – The leading U.S. financial services firm J.P. Morgan Chase confirmed on Friday it will pay an $88.3 million USD fine for providing banking services to Cuba, Iran and Sudan, transactions banned by restrictions set by the White House.

A note from the U.S. Office of Foreign Assets Control (OFAC) stated that JPMorgan Chase processed 1,711 transfers involving Cuban individuals and legal entities, totaling $176 million USD.

According to the OFAC, Havana transactions took place between December 12, 2005 and March 31, 2006. This was the second fine related to Cuba announced by the OFAC during this month.

On August 16, the U.S. division CMA-CGM, the world's third largest containers shipping company, was fined at $374,400 USD for allegedly transporting goods and carrying out financial agreements with the island.

This is the fourth fine imposed by the United States to the JPMorgan Chase since the government of George W. Bush, when controls related to the economic blockade on Cuba imposed 50 years ago were hardened.

In December 2008, Credit Suisse Bank agreed to pay $536 million USD after reaching a settlement to free the banking institution of charges by the U.S. Government with having supported Iran, Cuba and other nations.

The trade and financial siege decreed by Washington against Havana ha damaged the Cuban people economically, totaling $100.15 billion USD until December.(PL)