Dutch Bank ING Fined for Ties with Cuba

June 13, 2012 | | Print Print |

HAVANA TIMES — The US Treasury Department fined the Dutch bank ING $619 million for facilitating commercial transactions with Cuba and Iran, reported Europa Press.

Along with financial penalties, ING must conduct an internal review of its operations, policies and practices to demonstrate to Washington that this type of conduct by its employees will not be repeated.

Assistant Attorney General for National Security Lisa Monaco stated that this penalty is the “largest ever imposed” on a bank in connection with an investigation for violating US sanctions.

The Cuban media denounced the measure as part of the “interventionist and extraterritorial” policies of the US, which are condemned by a large majority at the UN.


What's your opinion?

  • Moses

    The headline says “…Cuba” but the reality is that the fine includes transactions with Iran, Syria and Libia. I realize that it makes Cuba feel important to have the US impose such hefty fines on an important international bank like ING for doing business withh little ol’ Cuba but the truth is ING had only tertiary dealings with Cuba through an intermediary but had direct and significant dealings with Iran. Nearly the same fine would have been levied with or without the Cuba portion. But I get it, salacious headline.

  • Andrés

    Hi Moses,

    Would you say that had Cuba had direct ties to ING, the fine would have been lesser?