Treasury said SERCUBA is an electronic money transfer business that has allowed U.S. residents to send money to those in Cuba via a third country or through the company's own
Web site. SERCUBA has a call center in Havana and 16 offices across the island nation, as well as two offices overseas, namely in Italy and Spain.
"We are financially isolating SERCUBA to make it more difficult for the Cuban regime to obtain the hard currency it uses to oppress its own people and to prop up its government," said Juan Carlos Zarate, Treasury's assistant secretary for terrorist financing and financial crime.
Treasury said U.S. nationals will not be able to do business with SERCUBA unless they get clearance from the U.S. government. It also said that all property of SERCUBA that is currently held by U.S. citizens has been blocked.
2014: The Year in Music [PHOTOS]