OFAC Sanctions Three Cuban Entities for Ties to Cuban Military
On December 21, 2020, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned three entities it has identified are controlled by the Cuban military and that have “strategic roles in the Cuban economy.” OFAC has placed the following three entities on the Specially Designated Nationals (SDN) List: (1) Grupo de Administración Empresarial S.A. (GAESA); and, two of its subsidiaries, (2) Financiera Cimex S.A. (FINCIMEX) and (3) Kave Coffee, S.A. According to OFAC, GAESA is a Cuban military-controlled umbrella enterprise with interests in the tourism, financial investment, import/export, and remittance sectors of Cuba’s economy. GAESA’s portfolio includes businesses incorporated in Panama to bypass CACR-related restrictions. Although Cuba is an embargoed country under U.S. sanctions, the listing of these companies also targets their operations in Panama and clearly states the U.S. governme