Bank Services: Cuba:Written question - HL4462

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Asked on: 10 December 2015
HM Treasury
Bank Services: Cuba
Lords
To ask Her Majesty’s Government what advice has been given to UK banks regarding business and personal financial transactions between UK individuals or UK-registered companies and Cuban counterparties based in Cuba.
A
Answered by: Lord O'Neill of Gatley
Answered on: 23 December 2015

Cuba has previously been subject to the Financial Action Task Force (FATF)’s on-going Global AML/CFT Compliance Process due to concerns over strategic deficiencies in its systems for anti-money laundering (AML) and combatting terrorist financing (CTF). HM Government notifies the financial sector of FATF’s decision to list countries and the risks associated with transactions with identified countries. In October 2014, the UK welcomed Cuba’s significant progress in improving its controls and noted that Cuba was no longer subject to the FATF’s monitoring process. This was also communicated to industry.


There are no UK, EU or UN sanctions regimes restricting transactions between the UK and Cuba. The US has economic sanctions against Cuba. EU legislation (Council Regulation (EC) No 2271/96) provides protection against and counteracts the effects of the extra-territorial application of US Cuba sanctions within the EU. The Government does not provide advice on sanctions regimes outside UK jurisdiction and does not intervene in the decisions of banks or other financial firms when made on the basis of their internal risk assessments.

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