HAVANA, Cuba, Oct. 8 (ACN) The Office of Foreign Assets Control (OFAC), of the U.S. Department of the Treasury, imposed a million-dollar fine on the U.S. travel insurance company Generali Global Assistance, Inc. (GGA), for violating the blockade imposed against Cuba.
The GGA agreed to pay nearly six million dollars for violating the Cuban Assets Control Regulations (CACR), and according to OFAC, that amount would pay off its alleged civil liability for 2,593 apparent violations.
The sanction was imposed despite the company referring payments related to the island to its Canadian subsidiary, in order to avoid processing refund payments directly to parties in Cuba and to travelers while they were in that Caribbean country.
However, OFAC stated in its statement that this fact constitutes an outrageous violation of the applicability of U.S. sanctions against Cuba regarding this activity.
The company joins other international institutions fined during the last year, including the British bank Standard Chartered, Expedia Group, General Electric, Allianz Global Risks U.S. Insurance Company and the Swiss Chubb Limited.
Such sanctions classify under the alleged violations of the policy of blockade against the island, kept for six decades by Washington, despite the majority opposition of the international community.