Cuban Finances and Banks are the Target of American Persecution

In Cuba basic changes are being made, as part of the updating of the current economic model, the authorities from the United States and their Office of Foreign Assets Control persist in their struggle to drown that island’s finances and its banking sector.

Making use of laws with a marked interventionist nature, successive U.S. governments have increased the number of closure of foriegn bank accounts and refused to make payments to similar Cuban entities.

This has been pointed out in the draft resolution that the island will present to the U.N. General Assembly on Oct. 25, titled “Necessity of Ending the Economic, Commercial and Financial Blockade Imposed by the United States of America against Cuba.”

With regard to Cuban assets, the OFAC prohibits all credit transfers and payments between or through any banking institution, wherever it is, in relation to any property subject to the jurisdiction of the United States, and under the administration of that country.

Cuba’s central bank withholds the names of the entities that have bowed to White House pressure, and highlights that many of its executive boards have accepted this imposition, out of fear of losing important assets and financial links to that nation.

In spite of the discretion, American authorities have publicly revealed who the offenders of their laws are.

Such is the case of the North American bank JP Morgan Chase, who was recently fined $88.3 million for maintaining financial transactions with forbidden nations such as Cuba, Iran, Sudan and Liberia, all of which are included in the list of the countries who sponsor terrorism, according to a memo from the U.S. Treasury.

According to the same source, JP Morgan handled 1711 bank transfers to Cuba, adding up about $178.5 million between December 2005 and March 2006, going against the so-called Cuban Assets Control regulations.

Credit Suisse and Barclays Bank are also part of those fined with huge penalties payable to the U.S. Treasury.

Although the majority of these operations are performed in Euros or other currencies, there are permanent losses because of the exchange rates, due to the impossibility of making payments in U.S. dollars.

Just as an example of the impact on the Cuban economy, one of Cuba’s commercial banks were denied payments accounting to around 481,000 euros, stressed the draft resolution against the economic embargo of the island.

Cuba is a small developing country with an economy that depends greatly on foreign exchange, technology, foreign capital, credits, investments and international cooperation for its growth, emphasizes the document.

This is why, even when the pressure of the U.N. General Assembly has turned into a habitual practice for the country, for Cubans today the issue is about respect for their sovereignty, and the removal of the embargo is vital for the sake of its economic development.