Travel agency Cubamax, based in the United States, has announced the suspension of its money transfer services to Cuba. This update was confirmed to Martí Noticias by the company itself. A representative from Cubamax's main office in Hialeah explained that the suspension is due to a "restructuring process" involving the companies responsible for distributing funds in Cuba.
The spokesperson, who requested to remain anonymous, emphasized that this restructuring is not linked to any new legislation enacted in Washington. Previously, Cubamax facilitated remittances to the island through Orbit S.A., a remittance processing company in Cuba under the control of GAESA, the business conglomerate of Cuba's Revolutionary Armed Forces (FAR). GAESA faced sanctions from the U.S. government earlier this year.
Orbit S.A. was added to the U.S. State Department's updated "Cuba Restricted List," which forbids transactions with entities associated with Cuba's military, intelligence, and security sectors. The U.S. government justified the sanctions as a measure to prevent resources from bolstering sectors that "oppress and monitor" the Cuban populace while maintaining control over key economic areas on the island.
Although largely unknown until 2022, Orbit S.A. emerged as a promising avenue for remittance processing following Fincimex S.A.'s exit from the market due to sanctions by the U.S. Treasury Department. Established on February 3, 2020, Orbit gained prominence in 2022 after receiving authorization from the Central Bank of Cuba (BCC) to operate as a "non-banking financial institution."
This authorization enabled Orbit to manage international transfers and provide payment services across Cuba, positioning it as Fincimex S.A.'s potential successor in the remittance sector. Based in Miramar, next to Fincimex's offices, Orbit was scrutinized in a detailed investigation by Proyecto Inventario, which explored its ties to Grupo de Administración de Empresas S.A. (GAESA), controlled by the Cuban military and regime elite.
With backing from the BCC and no international sanctions at the time, Orbit secured an agreement with U.S.-based Va-Cuba INC., allowing it to receive remittances from the United States via a license from the Office of Foreign Assets Control (OFAC). Although marketed as an independent entity under the Ministry of Foreign Trade and Investment, evidence reviewed by the Miami Herald indicates that Orbit functions as an extension of CIMEX, which reports directly to GAESA.
Documents reviewed revealed that CIMEX oversees all of Orbit's operations, including money transfers processed by Western Union and Miami-based remittance agencies like VaCuba and Cubamax. Orbit utilizes CIMEX's financial infrastructure for these transactions, with both companies' data appearing in the same monthly reports prepared by CIMEX for GAESA's top executives.
Understanding the Impact of Cubamax's Suspension
Why did Cubamax suspend remittance services to Cuba?
Cubamax suspended its remittance services due to a restructuring process involving companies that distribute money in Cuba. This decision is not related to any new U.S. legislation.
What is Orbit S.A.'s role in remittance processing?
Orbit S.A. was responsible for processing remittances to Cuba and was under GAESA's control. It gained prominence in 2022 as a potential successor to Fincimex S.A. in the remittance market.
How are CIMEX and GAESA connected to Orbit S.A.?
Orbit S.A. operates as an extension of CIMEX, which is directly linked to GAESA. CIMEX oversees Orbit's financial transactions and reports to GAESA's executives.