OFAC amends Cuba sanctions regulations

[El Presidente]

 

 

 

 

 

 

OFAC amends Cuba sanctions regulations

3 June 2024

 

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OFAC has amended the Cuban Assets Control Regulations (6 new FAQs were published and 8 FAQs amended to provide further guidance), which:

• expand authorisation for internet-based services, including training, to install, repair, or replace items related to communication, or items used to develop software that improves the free flow of information or that will support private sector activities in Cuba;

• replace the defined term “self-employed individual” with the new term “independent private sector entrepreneur” to cover private cooperatives or small private businesses;

• authorise independent private sector entrepreneurs who are Cuban nationals to open, maintain, and remotely use US bank accounts; and

• reinstate an authorisation for “U-turn” transactions, which are funds transfers that originate and terminate outside the United States where neither the originator nor beneficiary is subject to US jurisdiction.

[El Presidente]

 

 

 

[Shakey]

A small step in the correct direction, IMO.