Barclays under US investigation for Cuba accounts?
Campaign News | Wednesday, 9 April 2008
London-based Barclays Bank is under investigation by U.S. authorities for dealing with a state sponsor of terrorism nation, a newsletter reports.
According to the April edition of the Tampa-based Cuba Trade and Investment News, Barclays revealed the probe in its 2007 annual report, without disclosing the country involved. But in April of last year, Barclays asked two London-based Cuban entities, Havana International Bank and travel organization Cubanacam, to close their accounts with the bank.
Several non-U.S. banks have cut back in their dealings with Cuba after coming under U.S. scrutiny, including ING, Bank of Nova Scotia, HSBC, Credit Suisse and the Royal Bank of Canada. Cuba has complained these actions make it more expensive for them to carry out commercial transactions.