CARACAS - U.S. sanctions on Venezuela have led the New York Federal Reserve to crack down on Puerto Rico’s $50 billion offshore banking industry, according to four sources and a document seen by Reuters.
But in a previously unreported Feb. 27 letter, the New York Fed said it had halted approval of new accounts for Puerto Rican offshore banks and other financial institutions “in light of recent events, including the expansion of U.S. economic sanctions relating to Venezuela.”It did not give further details on why it was taking that step.
The island has for years nurtured its offshore banking sector by offering tax incentives to bank owners and promoting direct access to the U.S. financial system through the Fed rather than correspondent banks, which charge for their services and can end the relationship at a moment’s notice. He said “a number” of Puerto Rican offshore banks had been created with Venezuelan capital, without elaborating.Sixteen of Puerto Rico’s 80 offshore banking and financial services firms are owned by Venezuelan individuals or companies, according to a Reuters review of their websites, corporate registry records, and directors’ LinkedIn pages and personal websites.
END THE FED!
Federal reserve. The biggest con ever.
Hell yes let’s exacerbate the crisis in the global south to the best of our abilities
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