Swizz Bank Fined For Violating Cuba Blockade

The US government has levied a fine of US$536 million on Credit Suisse Bank, Switzerland’s second largest bank, for carrying out transactions that violate the US blockade of Cuba and helped “enemies” of Washington such as Iran, Libya, Sudan and Burma.

The announcement was made by US Attorney General Eric Holder, who said that in the particular case of Cuba, Credit Suisse made 32 electronic transactions to the tune of over $323,000.

In announcing the agreement with the Switzerland-based bank that allowed the US investigators have access to its records, Holder said that “the criminal behaviour of Credit Suisse, because of its implication and complicity, is simply stunning.”

The transactions took place between August 2003 and December 2009 through US financial institutions, violating US regulations that label Cuba as a “country that sponsors terrorism.”

In May 2004, UBS, Switzerland’s largest bank, had to pay $100 million after it was fined for allowing countries such as Cuba, Iran, Libya and Yugoslavia to use an international program of the US Federal Reserve to replace old banknotes.



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