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U.S. Banks’ Caution to do Business in Cuba Bodes Ill for Jump in Trade
By Colby Adams
printAmerican depository institutions' hesitancy to establish links with banks in Cuba is likely to impede newly authorized trade with the country, according to U.S. officials. In January, the U.S. Treasury Department licensed banks to process credit and debit card transactions and open correspondent accounts in Cuba to permit direct payments for U.S. agricultural and medical exports related to humanitarian projects, as well as for products related to telecommunications and other services now authorized by the White House. Several American financial institutions have shown "tremendous interest" in the types of engagement that may be permitted with Cuba, but have confined their...
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