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US says working with Cuba to solve banking issue
Source: Associated Press
US says working with Cuba to solve banking issue
AP foreign, Wednesday November 27 2013
PETER ORSI
Associated Press= HAVANA (AP) - Washington said Wednesday it is actively working with Cuba to find a new financial institution to handle its diplomatic accounts in the United States, after the Caribbean nation announced that a banking cutoff had forced it to halt nearly all U.S. consular services just ahead of the holiday high season for travel.
The U.S. State Department said in an emailed communique that the U.S. bank that had handled Cuba's accounts severed the relationship due to a "business decision," and that the government does not have the power to interfere or order any bank to handle a foreign mission's account.
It added that Cuba's situation is not unique, saying the closure of embassy accounts can hurt operations at other diplomatic outposts.
"The U.S. government seeks to help foreign missions in the United States that have trouble obtaining banking services," the State Department said, "while ensuring the continued security of the U.S. financial system including through appropriate regulatory oversight."
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AP foreign, Wednesday November 27 2013
PETER ORSI
Associated Press= HAVANA (AP) - Washington said Wednesday it is actively working with Cuba to find a new financial institution to handle its diplomatic accounts in the United States, after the Caribbean nation announced that a banking cutoff had forced it to halt nearly all U.S. consular services just ahead of the holiday high season for travel.
The U.S. State Department said in an emailed communique that the U.S. bank that had handled Cuba's accounts severed the relationship due to a "business decision," and that the government does not have the power to interfere or order any bank to handle a foreign mission's account.
It added that Cuba's situation is not unique, saying the closure of embassy accounts can hurt operations at other diplomatic outposts.
"The U.S. government seeks to help foreign missions in the United States that have trouble obtaining banking services," the State Department said, "while ensuring the continued security of the U.S. financial system including through appropriate regulatory oversight."
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Read more: http://www.theguardian.com/world/feedarticle/11086141