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Business partners of Castro dictatorship dismayed U.S. banks won’t handle their blood money

It is really difficult if not impossible to feel any sympathy for American business partners of Cuba's brutal and murderous dictatorship. They enrich themselves with blood money and have built their businesses on the suffering, misery, and enslavement of 11-million people on the island. It should therefore come as no surprise -- especially to these unscrupulous businesses -- that in spite of the Federal licenses they may posses for their business partnerships with the Castro regime, fewer and fewer U.S. banks are willing to handle their blood money transactions.

Via The Miami Herald:

U.S.-Cuba money transactions could get more complicated

Cuba travel agency owner Vivian Mannerud says she tried for three years to find a bank that would hold an account for her money remittance business, which was fully licensed by the U.S. government.

“Not one would do it. I tried several banks, and not just here, in Nevada, in Texas. And I showed them all my licenses,” said Mannerud, owner of Miami-based Airline Brokers. All of them said no.

The difficulties in transferring funds between the U.S. and Cuba have sparked broad concerns in the wake of M&T Bank’s decision to stop processing accounts for the Cuban diplomatic mission in Washington.

Because the bank would no longer handle its business, the Cuban Interests Section said last week it would stop processing visa, passport and other such requests — just as the peak holiday season for travel to Cuba approaches.

Cuba experts say they are now starting to worry that other banks may stop handling other Cuba transactions, such as remittances or payments for hotel bookings and airport landing fees that are legal despite the U.S. embargo against Cuba.

“Obviously this is creating havoc, and a heck of a mess may be on the horizon if things don’t get sorted out,” said Washington attorney Robert Muse, who closely follows the Cuba travel industry.

Continue reading HERE.

3 comments to Business partners of Castro dictatorship dismayed U.S. banks won’t handle their blood money

  • asombra

    Yeah, well, blood money will buy stuff same as clean money, so there.

  • Honey

    This just in Obama on his own decides to force banks to accept money for business partners of Cuba.

    Why is this so hard to believe? Obama chooses which laws to follow and which to change without Congress; he does this on his own. And he has a pattern of supporting, aiding and abetting enemies and harming allies.

    (BTW do not try to look this up on Google to ascertain its veracity. I made it up. But that doesn't mean....)

  • The interesting thing here, Honey, is that Obama doesn't have to do anything. These companies have licenses to do business with the Castro regime and banks are free to provide them with banking services. The problem here is that even though it is technically legal, the banks don't want any part of that business.

    In the banking world it is known as "reputational risk." Just because it is a legal business enterprise doesn't mean banks want to do business with you. Strip clubs, check cashing stores, and other businesses considered questionable but "legal" all have problems finding banks to handle their business. In the case of Cuba, it is not just money that comes from seedy business ventures, but on top of that it is blood money.

    If I was running a bank, I would not want to expose my organization to the reputational risks involved with engaging in business with entities that operate on the very edge of the law.