Bank of Ireland Freezes Cuba Transfers

A Bank of Ireland Branch, Castlerea, West IrelandHAVANA, 27 August  The Bank of Ireland began to prevent all financial transfers to Cuba in recent weeks because of a business relationship with a US bank, reported the Irish Times newspaper. In a statement, the bank confirmed that it would no longer facilitate transfers to Cuba, in one more case of how third parties are affected by the US embargo on the island. A leading bank in the USA is the one who handles all the movements in the Single European Payments Area, and “it has to meet its own needs and regulatory obligations and avoid possible exposure to penalties and sanctions,” said a Bank of Ireland spokeswoman. Neither Ireland nor the European Union have imposed restrictions on trade with Cuba, but banking institutions are victims of the extraterritorial character of the US sanctions against the island.