Monday, May 23, 2022
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BCC denies contract with RevoluGROUP on sending family remittances

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BCC denies contract with RevoluGROUP on sending family remittances

Havana, Mar 4 (Prensa Latina) Cuba´s Central Bank (BCC, in Spanish) on Friday announced that no domestic financial institution has contract or formal relation with the Canadian RevoluGROUP Company, which included Cuba as recipient for sending family remittances.
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On Twitter, BCC emphasized it´s unaware of any formality and security of financial transactions with RevoluGROUP.

“We ratify that the US government keeps its bans and coercive measures already implemented in 2020 and 2021 against Cuban financial institutions,” the BCC posted on Twitter.

According to RevoluGROUP, the US State Department authorized in December 2021 the Canadian company to send remittances from the United States to Cuba, carrying out the first financial transaction in this first quarter of the year.

The remittances, without confirmation from US authorities, may be deposited in the Freely Convertible Currency (MLC, in Spanish) accounts of BANDEC, BPA and Metropolitan banks, while the financial transfers may be made through RevoluGROUP’s official website.

In October 2020, the Donald Trump administration halted the Western Union operations with Cuban financial institutions in charge of processing family remittances, specifically FINCIMEX, under the false pretext the Cuban government or the Revolutionary Armed Forces (FAR, in Spanish) got part of the amount sent.

Although in his presidential campaign, Democrat Joe Biden vowed to restore financial flows, he kept this measure as he took office at the White House under the pretext the transaction would not favor the Cuban government.

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