FINCIMEX ADDED TO CUBA SANCTIONS LIST
July 22, 2020
The U.S. Department of State recently updated its List of Restricted Entities and Subentities Associated with Cuba, available here. Effective June 19, 2020, business with Fincimex, which handles hundreds of millions of dollars in remittances sent to Cuba by families in Cuban-American communities in South Florida and around the nation, is now prohibited. Fincimex is Western Union’s exclusive representative in Cuba. Previously, these remittances had been allowed through Fincimex as the presidential memorandum ordering the creation of the Cuba restricted list in 2017 included a specific exception for remittances.
If you have any questions, please contact Evelyn Sahr (esahr@eckertseamans.com or 202-659-6622); Drew Derco (dderco@eckertseamans.com or 202-659-6665), or Andy Orr (aorr@eckertsemans.com or 202-659-6625).
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