740.00112A European War 1939/31416
The Ambassador in Colombia (Lane) to the Secretary of State
[Received May 28.]
Sir: I have the honor to advise the Department that recently Señor Gonzalo Córdoba, manager of the Bogotá branch of the Banco Comercial Antioqueño asked the Embassy’s advice as to what action he should take with reference to opening of irrevocable letters of credit for firms on the Proclaimed List but under the fiduciary administration of the Colombian Government.
It will be recalled that at the time of the reorganization of the Banco Alemán Antioqueño and its change of name to the Banco Comercial Antioqueño, one of the conditions to its deletion from the Proclaimed List was that the reorganized Banco Comercial Antioqueño would not engage in banking transactions with or for Proclaimed List nationals. Close observation by the Embassy indicates that this condition has been complied with by the Banco Comercial Antioqueño.
However, Señor Córdoba stated that from time to time he received requests from the fiduciary administrators of Proclaimed List firms under the administration of the Colombian Government to open irrevocable letters of credit for such firms for transactions abroad. If the Banco Comercial Antioqueño complied with such requests, it would be acting contrary to the economic sanctions of the United States Government. If it refused to comply with such requests, its denial would constitute a refusal of a request made of it by an official entity of the Colombian Government which has the Proclaimed List firm under its administration and control.
I have discussed this matter with the Minister of Finance and he stated that he would issue instructions to the fiduciary administrators of Proclaimed List firms not to make such requests of the Banco Comercial Antioqueño.[Page 57]
The foregoing report is submitted for the Department’s information.
Counselor of Embassy for Economic Affairs