Appeasement DA 2 - Michigan7 2013

Foritspart cubacontinuestodenounce

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: s for travel to and from the island between December 2005 and November 2011.¶ Those bookings were an apparent violation of the Cuban AssetsControl Regulations. The rules issued in 1963 prohibit financial transactions by banking institutions under U.S. jurisdiction in which Cuba or its citizens have an interest. “We voluntarily self­disclosed these bookings to OFAC (Office of Foreign Assets Control), and ¶ put in place robust controls to ensure it would not recur,” American Express spokeswoman Diana Postemsky said in a written statement.¶ American Express can provide travel service arrangements for authorized trips to the island, but the bookings in question were never approved by the federal government.¶ It’s not the first time American Express has come under federal scrutiny for its handling of Cuba­related travel. The company was investigated in 1995 and 1996 for similar violations committed by a subsidiary that had recently been acquired, according to the Treasury Department.¶ Federal officials said American Express showed “reckless...
View Full Document

This note was uploaded on 10/27/2013 for the course DEBATE 101 taught by Professor None during the Summer '12 term at University of California, Berkeley.

Ask a homework question - tutors are online