The United States fines British bank for violating blockade on Cuba.

New York, 14 April 2019. British bank Standard Chartered will pay 1.1 billion dollars for allegedly violating U.S. blockade on Cuba and sanctions against other countries, the US Treasury Department reported.

The London-based institution agreed to pay 947 million dollars to US entities, including 639 million to the Office of Foreign Assets Control (OFAC) of the Treasury department.

Standard Chartered said it 'accepts full responsibility for violations and control deficiencies,' adding that the 'great majority' of the alleged incidents were before 2012. 'None of the violations occurred after 2014,' it said.

According to the Treasury Department, from June 2009 to May 2014, the British bank processed 9,335 transactions for a total of 437,553,380 dollars, through the United States. 'All these transactions involved people or countries subject to comprehensive sanctions programs administered by OFAC,' it added.

The new sanctions against a foreign entity for allegedly transgressing the siege lasting almost 60 years against the Caribbean island, and sanctions against other countries, occur after Washington applied a fine of one billion 340 million dollars to the French bank Société Générale S.A. for similar reasons last November.

That sum represented the second largest penalty ever authorized against a financial institution for breaking the sanctions imposed by the US government against the island.

Permanent Mission of Cuba to the United Nations

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