Rep. Maria Salazar Questions FinCEN Director on Cuban Embargo Violations and Bank Blacklisting

Addressing Cuban Embargo Violations

• 🎯 Rep. Maria Salazar highlighted that 11 companies in her district are openly violating the Cuban embargo.
• 💰 These companies are accused of doing business with the Cuban regime, providing it with resources to maintain its repressive apparatus.
• ✉️ Salazar has sent a letter to the Secretary of the Treasury and the Department of State requesting an investigation and shutdown of these companies.
• 🤝 She sought a commitment from FinCEN Director Andrea M. Gacki to help stop these violations and prevent funds from Miami and the Cuban exile community from supporting the regime.

FinCEN's Commitment and Response

• ✅ Director Gacki committed that FinCEN will review the information provided and assist in investigations with OFAC and other government bodies.
• ⚖️ Gacki affirmed her familiarity with U.S. laws and restrictions on dealing with the Cuban regime, assuring Salazar that FinCEN will take a look.

Concerns Over Bank Blacklisting

• ⚠️ Salazar expressed concern about FinCEN's decision to blacklist three Mexican banks, including Sibanco, in June.
• ❓ She questioned the lack of publicly shown proof of money laundering for these banks, emphasizing the principle of innocent until proven guilty in the American system.
• 🏦 Salazar fears that such actions could be repeated and negatively impact banks within her district or the broader U.S. banking system.

FinCEN's Defense of Actions

• 🏛️ Director Gacki stood by FinCEN's actions against Sibanco, Intercam, and Vector, stating that detailed public cases were made in orders issued under congressional authority.
• 📜 She mentioned that FinCEN followed the law set forth in the Fentinel Sanctions Act to designate these institutions as primary money laundering concerns.
• 🤝 Gacki offered to share the public orders with Salazar, asserting that the necessary basis for the designations was publicly issued.

Principle of Due Care in International Banking

• ⚖️ Salazar reiterated her concern about the American way of doing business, emphasizing the need for greater caution when imposing international sanctions.
• 🗣️ She stressed that the U.S. carries significant international weight and must be more careful to avoid mistakes that could harm individuals and institutions unfairly.