Posts Tagged ‘UN General Assembly’

Bank of Ireland stops transfers to Cuba due to US embargo

August 25, 2014

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By The Irish Times

Irish people trying to use an Irish bank to transfer money to people living in Cuba are being blocked from doing so as a result of a United States embargo on the Caribbean country which has been in place for more than 50 years.

Although neither the Republic nor the EU has any restrictions on trade with Cuba, and despite the UN General Assembly passing resolutions condemning the embargo, Bank of Ireland has started to block all financial transfers in recent weeks because of a business relationship with a US bank.

Under the US trade embargo, which has been in place since Fidel Castro overthrew a pro-US regime in the early 1960s, Americans banks are forbidden from processing payments from Cuba or even facilitating the making or receiving of such payments.

Jurisdictions
While such transfers are commonplace in other jurisdictions – and are still permitted by other Irish banks – Bank of Ireland has changed its rules on such transfers since the introduction of the Single European Payment Area (Sepa) and is now refusing to process them.

In a statement the bank confirmed it would no longer facilitate the transfers, and said it depended on overseas banks for the processing of national, European and international transactions under the Sepa umbrella.

“As it happens, [the bank which processes] all Sepa transactions is a leading US bank who must comply with its own regulatory requirements and obligations and to avoid a possible exposure to regulatory sanctions and penalties,” a spokeswoman said.

Because of this the bank says it is “not in a position to process such transactions”.

The national co-ordinator of Cuba Support group Simon McGuinness said: “On the one hand we have the EU voting as a single bloc against the blockade and on the other they introduced financial regulations which facilitate it.”

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The blockade is the greatest violation of the human rights of an entire people !

October 14, 2013

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Economic losses through April 2013 amount to $1.16 trillion, considering the depreciation of this currency in relation to the gold standard.

Sergio Alejandro Gómez

THE U.S. blockade of Cuba, which has continued for more than 50 years, constitutes “the greatest violation of the human rights of an entire people,” and has caused economic losses in excess of one trillion dollars, stated Cuban Deputy Foreign Minister Abelardo Moreno.

Moreno officially presented the document “The necessity of ending the economic, commercial and financial blockade imposed on Cuba by the United States of America, to be submitted to the UN General Assembly on October 29, which contains a summary of the principal damages inflicted by this policy on the country’s society and economy.

The document was presented at Havana’s William Soler Pediatric Cardiology Center, an institution affected by limitations in terms of acquiring medicaments, reagents, spare parts for diagnostic equipment, among other implements needed to save the lives of thousands of children.

In addition to the public health sector, the Deputy Foreign Minister mentioned concrete examples of how the blockade is affecting university education, sports and foreign trade.

In spite of the fact that President Barack Obama promised a new beginning in relations with Cuba, five years later the blockade remains intact and has been intensified in some areas, such as in the financial sphere, Moreno noted.

Between January 2009 and September 9, 2013, U.S. authorities have obliged 30 U.S. and foreign entities to pay more than $2.446 billion for trading with Cuba and other sanctioned countries.

The Cuban minister emphasized the massive international opposition to this U.S. genocidal policy, which was directly rejected by 47 countries during the high-level segment of the 68th Session of the UN General Assembly.

On October 29, solid support is expected from the overwhelming majority of states represented in this forum, as has been the case for the past 20 years. Last year, 188 countries voted in favor of an end to this policy against the Cuban people.
( Granma )


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