Scottish Bank Fined for Doing Business with Iran and Cuba

Scottish Bank Fined for Doing Business with Iran and Cuba

December 13, 2013



HAVANA TIMES — The Royal Bank of Scotland (RBS) agreed to pay $100

million US dollars for violation of US sanctions on Iran, Sudan, Burma

and Cuba.



In a statement issued RBS said it "deeply regrets" its violations of the

sanctions and promised greater controls in the future.



The US Treasury Department is on an offensive against companies doing

business with the above mentioned countries. Mitsubishi UFJ Financial

Group Inc., HSBC Holdings Plc (HSBA), Standard Chartered Plc (STAN) and

ING Bank NV are some of those forced to pay heavy fines in recent years.



"We remain resolute in enforcing our comprehensive sanctions against

Iran, and we will continue to take aggressive action against those who

would flout our law," David Cohen, undersecretary for terrorism and

financial intelligence told Bloomberg.



Cuba has long been on the black list that the US tries to enforce on

third country's companies.



Source: "Scottish Bank Fined for Doing Business with Iran and Cuba -

Havana Times.org" - http://www.havanatimes.org/?p=100597