OFAC amends Cuban Assets Control Regulations

Logo_of_the_U.S._Office_of_Foreign_Assets_Control_(OFAC)OFAC has announced that it is amending the Cuban Assets Control Regulations in order to implement the National Security Presidential Memorandum, “Strengthening the Policy of the United States Toward Cuba,” signed by President Trump in June 2017.

The amendments, which come into effect today, implement changes to the authorisations for travel to Cuba and related transactions, and restrict certain financial transactions with particular entities that are “under the control of, or act for or on behalf of, the Cuban military, intelligence, or security service or personnel”.

OFAC has stated that the regulatory changes are “intended to channel economic activities away from the Cuban military, intelligence, and security services, while maintaining opportunities for Americans to engage in authorised travel to Cuba and support the private, small business sector in Cuba.”

Links available for the OFAC Notice, updated FAQs and a factsheet relating to this regulatory amendment.

This entry was posted in Cuba, USA by Maya Lester QC. Bookmark the permalink.

About Maya Lester QC

Maya Lester QC has a wide ranging practice in public law, European law, competition law, international law, human rights & civil liberties. She has a particular expertise in sanctions. As the most recent (2016) Chambers & Partners directory put it, she "owns the world of sanctions". She spent 2011-12 in New York at Columbia Law School lecturing and writing on sanctions. She represents and advises hundreds of companies and individuals before the European and English courts and has acted in most of the leading cases, including Kadi, Tay Za, Central Bank of Iran, NITC and IRISL.

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