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New blockade reprisals
United States fines another bank
for its connections with Cuba
WASHINGTON.—The powerful U.S. bank JP Morgan
Chase has confirmed that it paid a fine of $88.3
million for violating restrictions imposed by the
United States on commercial agreements with Cuba,
Iran and Sudan.
A notification from the Office of Foreign Assets
Control (OFAC), part of the Department of the
Treasury, states that JP Morgan processed 1,711
transfers involving Cuban individuals and entities
to a value of close to $176 million, PL reports.
According to OFAC, the Havana-related
transactions took place from December 2005 to March
31, 2006. This is the second sanction in the context
of Cuba announced by the Office this month. Other
banking institutions have been subjected to the
blockade’s extraterritorial measures.
The fine imposed on JP Morgan Chase is the fourth
largest imposed by Washington since the George W.
Bush administration, when controls related to the
economic blockade of Cuba – in place for more than
50 years – were tightened.
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