US Blocks Cuban Military-Run Entities From Processing Remittance Transactions - Treasury

The United States is blocking Cuban military-run entities from processing remittance-related transactions, the US Department of the Treasury said in a press release on Monday

WASHINGTON (UrduPoint News / Sputnik - 28th October, 2020) The United States is blocking Cuban military-run entities from processing remittance-related transactions, the US Department of the Treasury said in a press release on Monday.

"Today, the Department of the Treasury's Office of Foreign Assets Control (OFAC) amended the Cuban Assets Control Regulations (CACR) to remove Cuba's military-run entities from the remittance process," the release said.

The Treasury Department explained it will refer Cuban military-run entities or subentities on the State Department's Cuba Restricted List.

US Treasury Secretary Steven Mnuchin said that individuals in the United States will not be able to process remittances to or from Cuba through FINCIMEX, whose parent company American International Services is on the Cuba Restricted List.

Mnuchin also said Cuban military-run institutions like FINCIMEX charge fees to benefit the country's armed forces.

The new restriction will go into effect in 30 days, the release said.