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US Treasury Department Fines Citigroup Bank for Violating Blockade against Cuba
The US Treasury Department, through its Office of Foreign Assets Control (OFAC), has fined the Citigroup financial institution for violating the US blockade of Cuba.

Citigroup voluntarily revealed the infraction to the US authorities
while the OFAC did not give more details of the highest fine it has thus far imposed in the 2008 fiscal year that began last October.

Since 2004, when US president George W. Bush implemented special measures to limit the number of travels and remittances to the island, the OFAC sanctions add up to almost four million dollars.

Some of the banks recently fined include the Union of Swiss Banks ($100 million in 2004) and the National Bank of Australia ($100,000 in 2007).

In addition, the Kinecta Federal Credit Union of California had to pay
$3,102 in 2007 and the Bank Atlantic of Florida was fined with $7,500 last February.


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