Two new financial institutions sanctioned by OFAC under the US blockade

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Havana, Dec 9 (ACN) The administration of U.S. President Donald Trump continues the persecution of financial institutions linked to the Cuban government, as confirmed today by an announcement by the Office of Foreign Assets Control (OFAC) of the criminalization of two insurance companies.

Allianz Global Risks U.S. Insurance Company agreed to send OFAC $170,535 to settle its possible civil liability for apparent violations of Cuba’s Asset Control Regulations (“CACR”), 31 C.F.R. Part 515, as published by the Department of State on its website.

The site also announced that Chubb Limited, as the legal successor to the former ACE Limited (“ACE”), agreed to pay the U.S. agency $66,212 for alleged violations of the sanctions unilaterally imposed by the United States against the Caribbean nation.

AGR US is a Chicago-based property damage insurer and a wholly owned subsidiary of Allianz SE, a German financial services provider organized under European Union and German law.

ACE was a Swiss company providing insurance and reinsurance services for commercial and individual clients worldwide. In January 2016, ACE merged with Chubb Corporation to create Chubb Limited (“Chubb”), which is a Swiss holding company headquartered in Switzerland.

Although ACE Europe was domiciled in the United Kingdom and conducted business in Europe as a subsidiary of a U.S. company, it was subject to the Cuban Asset Control Regulations.

According to the report on resolution 73/8 of the United Nations General Assembly entitled ‘Necessity of ending the economic, commercial and financial blockade imposed by the United States of America against Cuba, in the last year the persecution of banking and financial operations of Cuba and of entities linked to the largest of the Antilles increased.

Between April 2018 and March 2019, losses of 4,343.6 million dollars were recorded for the Cuban economy.

This document, which received the majority support of the international community in November of this year, reports an increase in the effects on Cuba and companies from third countries, including the United States, punished under the provisions of the blockade and the Helms-Burton Act, adopted by the U.S. Congress in 1996.

In November 2018, the bank-financial group Société Générale S.A., headquartered in Paris, France, agreed to pay a total of 1,340,916 million dollars to OFAC for the alleged crime of having processed transactions involving Cuban entities, which was the second highest sanction imposed on a financial institution for its relationship with the Antillean nation, the document noted.

(Taken from ACN in Spanish)

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