Inspector General: Cuba sanctions tough enough?


The Office of Inspector General at the Treasury Department this year plans to investigate how well the Office of Foreign Asset Control, or OFAC, is enforcing Trump administration sanctions against Cuba.
The OIG reported:

Since 1960, the United States has maintained an embargo restricting trade, travel, and financial transactions with Cuba. This embargo comprises the most comprehensive set of economic and trade sanctions implemented on any country. The United States holds billions of dollars in financial claims against the Cuban government. In November 2017, the President announced additional sanctions and travel restrictions on Cuba, re-tightening some of the sanctions on Cuba loosened by the previous administration.
We plan to determine whether changes made by OFAC to the Cuban sanctions program

  1. reflect administration policy changes designed to strengthen sanctions against Cuba and
  2. were properly documented and approved by appropriate OFAC officials.

The Inspector General also plans an investigation of OFAC’s oversight of financial institutions. The agency reported:

In 2011, JP Morgan Chase Bank, N.A. agreed to remit $88.3 million to settle potential civil liability for apparent violations of multiple OFAC sanctions programs. According to Treasury’s website, the bank violated the Cuban Assets Control Regulations, the Weapons of Mass Destruction Proliferators Sanctions, the “Blocking Property of Weapons of Mass Destruction Proliferators and Their Supporters” (EO 13382), the Iranian Transactions Regulations, and other sanctions programs. The violations occurred during 2005 through 2011. In a January 2014 consent order for the assessment of a civil money penalty, OCC cited the bank for inadequate testing of OFAC compliance.
We plan to assess OFAC and OCC oversight of financial institutions’ compliance with sanctions programs.

3 thoughts on “Inspector General: Cuba sanctions tough enough?”

  1. If the strongest, richest, and most influential nation in the world has had an economic embargo against a weak, nearby island nation “SINCE 1960,” perhaps the most salient question OFAC should ask is, “Why the heck can’t we strangle that little nation?” Of course, truth be known, since January of 1959 it appears the two-fold Cuban policies engineered ruthlessly by Miami {Little Havana}, Newark, and Washington is primarily designed to: {1} Overthrow Cuba’s revolutionary government to appease a minority of extremist Cuban exiles/Cuban-Americans {not the majority of Cuban-Americans or Americans}; and {2) enrich and empower selected Cuban-Americans and their sycophants. And perhaps the order of those two priorities should be reversed, with enrichment and empowerment taking the top spot. The last 14 of Tracey Eaton’s updates on his brilliant and unbiased “Cuban Money Project” articles {incredibly informative and undeniable} should, I believe, convince any open-minded person that MONEY was the driving force of the U.S.-alignment with BATISTA’S Cuba {1952-1959} and MONEY has been the driving force of the mostly unchecked USA Counter Revolutionary stalwarts from 1959 till today {late June of 2019}.


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