CUBA BELIEVES Scotiabank violated international law by closing the United States dollar account of local Ambassador Gisela García Rivera, which it said it did to comply with United States legislation.
Speaking on behalf of the Cuban government, Dr. Ricardo Alarcón, said: "It (Scotiabank) is supposed to act and abide by the clear laws and regulations of the host country. It's supposed to abide by the Canadian laws without disregarding the Jamaican laws."
Dr. Alarcón was speaking to The Gleaner while on a trip to represent Cuban President Fidel Castro at the swearing-in of Portia Simpson Miller as the new Prime Minister last Thursday.
IN COMPLIANCE WITH BOJ GUIDELINES
However, Scotiabank maintains that its decision was taken in compliance with Bank of Jamaica (BoJ) guidelines governing U.S. legislation which embargoes several countries, including Cuba. Nationals of these countries are prevented from holding U.S. dollar accounts under such legislation which includes the Patriot Act and the Helms-Burton Act.
Cuba has been embargoed by the U.S. since its 1960 revolution.
"Various laws, including the Patriot Act, govern your corresponding banks within the U.S. and if you are making U.S. dollar transactions then you will have to make transactions with those banks. Were this an issue over Jamaican or any other currency then we would not have to have taken the decision," said Senior Vice-President of Scotiabank Jamaica Legal and Compliance Department, David Noel.
Dr. Alarcón and Mrs. Rivera maintained it was common practice for Cuban embassies worldwide to operate local U.S. dollar accounts as the world's favoured foreign currency.
