OFAC Sanctions 3 Cuban Entities
The Office of Foreign Assets Control sanctioned three entities controlled by the Cuban military for evading U.S. sanctions, OFAC said Dec. 21. Grupo de Administracion Empresarial S.A. (GAESA), and its subsidiaries Financiera Cimex S.A. (Fincimex) and Kave Coffee, S.A., use…
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their “Panamanian incorporation to subvert international trade restrictions,” OFAC said. GAESA uses businesses in Panama to “bypass” U.S. Cuban Assets Control Regulations, while Fincimex operates as a financial investment and remittance company and Kave operates the country’s nationalized Cubita coffee brand, OFAC said. GAESA and Fincimex are also listed on the State Department’s Cuba Restricted List (see 2009280008).