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Washington chases Cuban scrap metal
Published on February 27, 2013 Email To Friend    Print Version

HAVANA, Cuba (ACN) -- A California-based metal recycling business, Tung Tai Group, has been forced to pay a $44,000 fine for transactions with Cuba, considered a violation of the over-50-year economic, commercial and financial blockade of the island.

According to Granma newspaper, a communiqué issued by the US Office of Foreign Assets Control (OFAC), which tracks all Cuban commercial and financial transactions, accused Tung Tai Group of having purchased scrap metal in Cuba in August 2010.

This is not the first time that OFAC has fined a company for doing transactions with Cuba.

Last July, Great Western Malting Company, based in the state of Washington, was fined $1.35 million for unauthorized commercial operations with Cuba.

In 2012, the OFAC also fined Holland’s ING Bank with $619 million for having carried out financial and commercial transactions with Cuba, in a joint action with its subsidiaries in France, Belgium and Curacao.

In December 2012, OFAC also imposed a fine amounting to $375 million on the London-based Hong Kong and Shanghai Banking Corporation (HSBC Holdings) for the alleged violation of unilateral US sanctions on several countries, including Cuba.
 
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