The Central Bank of Cuba stressed today that no financial institution in the country has a contract or formal relationship with the Canadian group RevoluGROUP, which included the island as a recipient for sending remittances.
Through its Twitter account, the Caribbean regulatory entity emphasized that it is unaware of the formality and security of said transactions.
“We ratify that the United States government maintains the prohibitions and coercive measures applied in 2020 and 2021 against Cuban financial entities,” the Bank added on the social network.
According to RevoluGroup, in December of last year the State Department authorized that Canadian company to process the flow of money from the United States to Cuba and in this first quarter they carried out the first operations.
According to that entity, without confirmation from US authorities, remittances may be deposited in the Freely Convertible Currency accounts of Bandec, BPA and Metropolitan banks, while transfers may be made through the Canadian company’s website.
In October 2020, the Donald Trump administration ended the relations of the Western Union company with the Cuban financial institutions in charge of processing remittances, specifically Fincimex, under the false pretext that the government or the armed forces obtained part of the amount sent. .
Western Union sent the money to Cuba through a scheme that charged the issuer in the United States five dollars for every 100 sent to the island as a commercial commission.
Although in his presidential campaign, Democrat Joe Biden promised to restore the flows, he maintained this measure when he arrived at the White House under the pretext that the transaction would not favor the government in Havana.
This caused that during the Covid-19 pandemic, Cuban families had to resort to irregular variants to send their money and that this procedure became up to six times more expensive.
