Cuba  El Banco Financiero Internacional, S.A. (BFI)   (Banco Financiero Internacional) 

By Gary Raynaldo  DIPLOMATIC  TIMES

The outgoing U.S. Trump Administration announced Friday it has placed Banco Financiero International S.A. (BFI) on its blacklist of Cuban companies it claims has financial ties to the Latin American nation’s military that funds Havana’s  “interference”  in Venezuela.  BFI will be added to the  Restricted List of blacklisted military-controlled financial entities in January, Secretary of State Michael Pompeo said in a statement.  The move comes a week after the Trump administration  added three Cuban military-owned companies to its Specially Designated Nationals and Blocked Persons List that inclulded  Grupo de Administración Empresarial SA (GAESA), FINCIMEX, and Kave Coffee S.A.  

“Today, the Department of State is announcing the addition of Banco Financiero International S.A. (BFI) to the Cuba Restricted List, effective upon publication in early January. BFI is a Cuban military-controlled commercial bank that benefits directly from financial transactions at the expense of the Cuban people. The Cuban military uses BFI’s key role in foreign exchange to give military and state companies preferential access, secure advantageous exchange rates, and finance government-controlled projects that enrich the regime. The profits earned from these operations disproportionately benefit the Cuban military rather than independent Cuban entrepreneurs, furthering repression of the Cuban people and funding Cuba’s interference in Venezuela.”

-U.S. Secretary of State Michael Pompeo

U.S. Blacklists Banco Financiero International S.A. (BFI)

Cuba  El Banco Financiero Internacional, S.A. (BFI)  (d-cuba.com)  

“President Trump has made it clear that he stands with the Cuban people in their longstanding struggle for freedom and against the communist regime in Havana. Adding BFI to the Cuba Restricted List furthers the Administration’s goal of preventing the Cuban military from controlling and benefiting from financial transactions that should instead benefit the Cuban people,” U.S. Secretary of State Pompeo added. 

CUBA Rejects  U.S. State Department’s Action Against Banco Fianciero Internacional S.A.

I reject new punitive measure of #US State Department to tighten blockade against #Cuba.

The inclusion of Cuban entities in its lists is intended to reinforce an economic siege that has failed to destroy the Cuban Revolution after 62 years.

— Bruno Rodríguez P (@BrunoRguezP) January 1, 2021

Banco Financiero Internacional, SA (BFI) is a banking entity that was registered as a public limited company under Decree-Law No. 84, of October 13, 1984, and began operations on November 5 of that same year, agreement with the License to operate the banking business that was granted on October 17, 1984, and that empowers it to carry out the operations of a commercial bank, fundamentally in freely convertible currency, including:

– Receive and grant cash deposits at sight or term.

– Issue fixed-term certificates.

– Receive and grant loans or other types of credit or financing.

– Execute fund transfers to and from abroad.

– Carry out the sale of freely convertible currency, precious metals and securities.

– Receive in custody and manage deposits of securities in foreign currency.

– Provide asset management services, financial and feasibility studies, and carry out intermediation operations.

– Issue bank documents, such as: letters of credit, guarantees, letters of guarantee and the like.

– Establish correspondent agreements with national and international banking entities.

SOURCE:  Banco Financiero Internacional, SA (BFI)  website