Banking

Cuba Still Unable to Make Financial Transactions in US Dollars

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The existing US embargo against Cuba is still creating immense financial and banking problems for Cuba.  While most people believe that all is “rosy” with all the “feel good” news stories such as the Obama visit, fashion, celebrities, rock stars and the recent cruise, it’s actually a method of economic strangulation by the US government.  According to U.S. Treasury Department’s Office of Foreign Assets Control (OFAC), their online document states: “The basic goal of the sanctions is to isolate  the  Cuban  government  economically  and  deprive  it  of  U.S. dollars.   Criminal  penalties  for  violating  the  sanctions  range  up  to  10 years in prison, $1,000,000 in corporate fines, and $250,000 in individual fines.  Civil penalties up to $55,000 per violation may also be imposed. … There is…

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