An eco-friendly cooperative bank in Germany, known for its social and ecological stance, has decided to terminate all accounts of the German Communist Party (DKP) by the end of December. The party believes this action is directly connected to their support for solidarity initiatives in Cuba, as reported by Junge Welt and Die Tageszeitung (taz).
The GLS-Bank, headquartered in Bochum, informed the DKP of the account closures, which include not only the national party accounts but also those of over ten regional organizations. The bank cited general contract clauses that allow for termination without explanation, according to Junge Welt.
The party's leadership condemned the move as a case of "debanking," a practice increasingly used against political and social groups deemed "uncomfortable."
While the bank did not provide a specific reason, the DKP indicated that the decision is tied to donations for solidarity projects in Cuba. Klaus Leger, the party’s federal treasurer, told Junge Welt that in September, GLS-Bank requested detailed information about a donation campaign for the island, inquiring whether the funds were intended for Cuban state institutions and how they were being delivered to the country.
After responding to these inquiries, the party received no further communication until they were notified weeks later about the account closures.
The bank maintains the measure is due to "legal and regulatory requirements," denying any political motivation but refusing to specify which regulations or operations raised concerns.
Die Tageszeitung highlights that this incident has raised alarms among pro-Cuba organizations in Germany. Several of these groups also have accounts with GLS-Bank and fear their financial transactions might face similar blocks.
Edgar Göll, president of the Netzwerk Cuba, noted that many European banks avoid any ties with Cuba due to fears of U.S. sanctions, a policy leading to what experts call "over-compliance," meaning excessive adherence to rules to mitigate risk.
Such concerns are not unfounded. Die Tageszeitung points out that banks like BNP Paribas and Commerzbank have previously paid hefty fines for Cuba-related transactions, under the U.S. embargo effective since 1960.
This has made direct transfers to the island extremely challenging, forcing solidarity groups to resort to direct cash deliveries or sending material aid.
The DKP asserts that they have operated legally. According to Leger, donations were personally transported to Cuba by party members, always observing European anti-money laundering regulations. Among the supported projects is the Rosa Luxemburgo hospital in Matanzas, where they funded a photovoltaic installation to ensure power supply.
The communist leadership sees the account closure as far from an isolated incident. Party president Patrik Köbele described the decision as "outrageous" and linked it to an increasingly hostile political climate toward international solidarity with Cuba. Meanwhile, the party is considering legal action and is seeking alternative banking options to continue its activities.
FAQs on German Bank's Decision Regarding DKP Accounts
What actions is the German Communist Party considering in response to the account closures?
The DKP is contemplating legal actions and exploring alternative banking solutions to continue their operations.
What concerns do pro-Cuba organizations in Germany have following this incident?
Pro-Cuba organizations in Germany are worried that their financial transactions might also be affected, as some of them hold accounts with the same bank that closed the DKP's accounts.
Why do European banks avoid transactions related to Cuba?
European banks often steer clear of transactions involving Cuba due to the fear of U.S. sanctions, which leads to excessive compliance with regulations to avoid potential penalties.