Action of banks on Cuba sanctions hits UK businesses
Small business consultants has filed an official complaint to the Secretary of the company and EU with Lloyds TSB to break the law authorities refusing to cash a cheque for £ 7,156 Cuban business.
Bath of Barrie, President of Fertecon base Tunbridge Wells, said yesterday: "I find incredible that a bank controlled by the State is something which is contrary to the Loi.Il is damaging our activities and probably thousands of other small enterprises UK export efforts."
Lloyd's told the Bank has revised its approach to deal with countries submitted to the Government and international sanctions "to better protect customers, its business, its inhabitants and its reputation."
Keiron Walsh, a senior commercial service of the Bank told Mr. Bain: "Unfortunately we cannot offer advice on alternative for your payment arrangements."
The block on the cheque has highlighted fresh changes quietly introduced by banks to avoid soiling regulations infringed its trade against Cuba.Le UK sanctions nor the European Union has similar blocks on trade with Cuba, but the importance of the US market has seen banks United Kingdom to fall in line.
Lloyd's already felt the weight of the u.s. regulatory authorities, forced to pay 350 m $ in January last year after having been accused of assist clients in Iran, the Libya and Sudan to avoid sanctions United States. Sanctions power exercised by the United States was also on display when Barclay was fined for the month of August to break the US reportedly sanctions from business dealings with persons related to Cuba, Iran Libya, Myanmar and Soudan.La British Bank has agreed to pay a m $298 fine covering commercial transactions valued at $ 500 million.
The result is that Barclays told customers it is no longer a company with ties to Iran Korea North, Myanmar and sanctioned Sudan areas. ""Our policy of sanctions also includes a ban on transactions involving anyone or any entity on United States, A [UN], UK or EU sanctions list," said the Bank.
Lloyd's defend its action on the Cuban cheque. "Lloyds takes its responsibilities regarding the application of sanctions seriously and recently reviewed our approach to these countries and entities that are subject to the Government and international sanctions worldwide to better protect our customers, our business, our people and our reputation.?
Mr. Bain, which specializes in the provision of advice on agricultural markets, such as fertilizers and 95pc overseas business has undergone an intensive trade restrictions, since the cheque has been blocked a week ago and said to his research work have shown that virtue of the law the interests of the protection of trade and the status of blocking of the European Union "is illegal payments block of Cuba.
It has been said by Business Department Vince Cable that no order has been made pursuant to the commercial interests Act making it an offence to comply with the extra territorial legislation from another country - laws aimed at countering the U.S. restrictions under the terms of the Helms-Burton Act in 1996.
But Mr. Bain discovered there is room for the Department to consider an investigation if a complaint is made on the refusal of a bank to process a transaction with Cuba.
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