“Zurich’s cantonal bank is halting all transfers to Cuba starting next month to avoid activities deemed in violation of a US embargo on the communist-ruled island. Bank spokeswoman Evelyne Brönnimann told AFP that new rules meant ZKB must now attest to its banking partners in the United States that its activities are in line with the US Office of Foreign Asset Control (OFAC) rules. ‘If this is not the case, the United States can take actions against the banks like freezing their holdings,’ the bank statement said. The head of the Swiss-Cuban Chamber of Commerce harshly criticised ZKB’s decision, lamenting that the bank was removing the only banking channel operating in Swiss francs.”
http://www.thelocal.ch/20130416/zurich-bank-cuts-cubas-last-swiss-franc-channel
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