The Canadian Press - ONLINE EDITION

Cuba criticizes US fine on French bank after deal to pay $9B for violating trade sanctions

  • Print

HAVANA - Havana on Thursday protested U.S. penalties levied against France's largest bank over allegations it processed financial transactions for Cuba and other blacklisted states in violation of U.S. trade sanctions.

In a statement published by Cuban official media, the Foreign Ministry said the penalties "violate the rules of international law and qualify as an extraterritorial and illegal application of American legislation against a foreign entity."

The U.S. Justice Department announced Monday that BNP Paribas had agreed to pay nearly $9 billion to settle the case. Under the deal, the Paris-based bank entered a guilty plea in a New York Court and acknowledged processing billions of dollars in transactions for clients in Cuba, Sudan and Iran.

U.S. prosecutors said the transactions were handled by BNP's New York branch office from at least 2004 through 2012.

"Sanctions are a key tool in protecting U.S. national security interests, but they only work if they are strictly enforced," Attorney General Eric Holder said earlier this week. "If sanctions are to have teeth, violations must be strictly punished."

But the Cuban Foreign Ministry questioned the legitimacy of Washington's 52-year-old embargo, which aims to isolate Communist-run Cuba economically and financially, and alluded to the annual, near-unanimous U.N. General Assembly votes calling for an end to what Havana refers to as a "blockade."

"Once again, the U.S. government ignores the overwhelming international rejection of this criminal and failed policy against our nation," the statement said. "With actions like this, it also ignores the increasing calls from different sectors of American society in favour of a fundamental change in policy toward Cuba."

U.S. authorities have targeted several banks in recent years for similar cases involving trade sanctions against Cuba and other nations.

In December 2012, Havana objected to a $1.9 billion fine against London-based HSBC, Europe's largest bank, and an $8.6 million settlement with Japan's Bank of Tokyo-Mitsubishi UFJ.

___

Peter Orsi on Twitter: www.twitter.com/Peter_Orsi

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes

    No

  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.

letters

Make text: Larger | Smaller

LATEST VIDEO

Drew Willy says team couldn't get anything going

View more like this

Photo Store Gallery

  • A young gosling flaps his wings after taking a bath in the duck pond at St Vital Park Tuesday morning- - Day 21– June 12, 2012   (JOE BRYKSA / WINNIPEG FREE PRESS)
  • PHIL HOSSACK / WINNIPEG FREE PRESS 070619 LIGHTNING ILLUMINATES AN ABANDONED GRAIN ELEVATOR IN THE VILLAGE OF SANFORD ABOUT 10PM TUESDAY NIGHT AS A LINE OF THUNDERSTORMS PASSED NEAR WINNIPEG JUST TO THE NORTH OF THIS  SITE.

View More Gallery Photos

Poll

Should political leaders be highly visible on the frontlines of flood fights and other natural disasters?

View Results

View Related Story

Ads by Google