UK banks accused of boycotting Cuba (still poodles?)

[kskiska]

Source: The Guardian

Leading British banks have been accused of operating a covert embargo of Cuba out of deference to the US. The accusation comes after revelations that Lloyds TSB and Barclays Bank have been telling clients who trade with Cuba to take their accounts elsewhere.

Although none of the major banks are prepared to go on record over their policy towards Cuba, the Guardian has learned that Lloyds TSB, Barclays Bank, the Royal Bank of Scotland and HSBC are all complying with the US blockade of the island that was condemned in the UN earlier this year by a vote of 184 to four. The US has taken legal action in the courts against multinational companies that deal with Cuba and have offices in the US.

Last week a London cigar importer and a Somerset natural food company, which imported Cuban sugar, were told by Lloyds TSB that the bank could no longer carry out transactions involving Cuba. Phil Markey, relationship director at Lloyds TSB, told one client in a letter: "I would like to find a way to continue to make these payments for you - the decision, however, is down to a full risk assessment process within Lloyds TSB."

Other leading British banks have adopted a similar policy, although all are reluctant to talk about it. A spokesman for HSBC referred to a section of the company's annual report, which quotes the US Patriot Act, and states that: "The US state department has designated certain countries (Cuba, Iran, North Korea, Sudan and Syria) as state sponsors of terrorism, and US law generally prohibits US persons from doing business with such countries. HSBC is aware of initiatives by governmental entities and institutions in the US to adopt rules, regulations or policies prohibiting transactions with, or investments in entities doing business with such countries." The bank was not prepared to comment further.

Read more: http://www.guardian.co.uk/world/2008/jun/23/cuba.usforeignpolicy

[sasquatch]

1. I kind of find it amusing that way use Britannia as a puppet or colony

:rofl:

[Dutch]

2. Well it's not quite so amusing for ordinary people in Britain...or Cuba