Tuesday, 1 Dec 2020

New US regulation will end Western Union money transfers to Cuba

Western Union is suspending US money transfers to Cuba due to new embargo regulations put in place by the Trump administration.

Fincimex, the Cuban military company that controls remittances to Cuba, said 407 Western Union offices on the Island will close on Nov. 23.

The US government published new embargo regulations this week that ban interactions with companies controlled by the Cuban military in processing money sent from the states.

Secretary of State Mike Pompeo said that the measure seeks to cut the Cuban military out of the business and cut off funds that flow to Cuban security agencies accused of human rights violations in Cuba and Venezuela.

Western Union, which handles most of the money sent to the island from the US, is looking for alternatives to maintain the service, the Miami Herald reported. For now, customers can continue to send money to Cuba because the Trump administration gave US companies 30 days to negotiate a solution with the Cuban government.

Fincimex said in a series of statements posted on Facebook it wouldn’t accept US imposing a new payment network over the system in place for 20 years. The company said the US knew the new regulations would make it difficult for money to be sent to Cuba.

“Those who designed the measures know very well that it would not be possible in 30 days to organize alternative solutions,” Fincimex said. It “is evident the intentionality of the US government to disrupt remittances to Cuba and of course, they need to lie to the public as usual.”

With Post wires

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