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