Scottish Bank Fined for Doing Business with Iran and CubaDecember 13, 2013 | Print |
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.