Radio Cadena Agramonte
Wednesday, September 30, 2020
Wednesday, December 11, 2019

Two other financial entities sanctioned by OFAC under the US blockade

Havana, Cuba, Dec 11- The administration of President Donald Trump continues the persecution of financial entities linked to the Cuban government, as confirmed by an announcement from the Office of Foreign Assets Control (OFAC) on the penalty to two insurance companies.

Allianz Global Risks U.S. Insurance Company (AGR US) agreed to refer to OFAC 170,535 dollars to settle its possible civil liability for apparent violations of the Cuban Asset Control Regulation ("CACR"), 31 C.F.R. Part 515, as published by the State Department on its website.

On that site it was also announced that Chubb Limited, as the legal entity that succeeded the former ACE Limited ("ACE"), agreed to pay the US agency $ 66,212 for alleged violations of the sanctions imposed unilaterally by the United States against the Caribbean island.

According to the report on resolution 73/8 of the UN General Assembly entitled 'Need to end the economic, commercial and financial blockade imposed by USA against Cuba¨, in the last year the persecution of banking and financial operations of Cuba and entities related to it notably increased.
Between April 2018 and March 2019, the losses of the Cuban economy for this concept amounted 4,343.6 million dollars.

In this document, which received the majority support of the international community last November, there is a reported increase in the effects on Cuba and companies from third countries, including American ones, punished in accordance with the provisions of the blockade and the Helms-Burton Act, adopted by the US Congress in 1996.

In November 2018, the financial services company Société Générale Group, based in Paris, France, agreed a total payment of $ 1.34 billion to OFAC for the alleged crime of having processed transactions involving Cuban entities, which was the second highest penalty imposed on a financial institution for relating to the Caribbean nation, the document said. (ACN)