OFAC UPDATES CUBAN ASSETS CONTROL REGULATIONS AND FREQUENTLY ASKED QUESTIONS
October 5, 2020
On September 24, 2020, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued a new rule, available here, amending the Cuban Assets Control Regulations to further implement portions of President Trump’s foreign policy toward Cuba to deny the Cuban regime sources of revenue. Specifically, the new rule:
- Adds a new prohibition regarding lodging and related transactions at certain properties in Cuba;
- Amends four general licenses to restrict the importation into the United States of Cuban-origin alcohol and tobacco products;
- Amends a general license to remove the authorization allowing persons jurisdiction to attend or organize professional meetings or conferences in Cuba; and
- removes a general license that authorizes persons to participate in or organize certain public performances, clinics, workshops, other athletic or non-athletic competitions, and exhibitions, and replaces it with a specific licensing policy.
Additionally, OFAC published a number of new and updated Frequently Asked Questions, available here, regarding these changes.
If you have any questions, please contact Evelyn Sahr (esahr@eckertseamans.com or 202-659-6622); Drew Derco (dderco@eckertseamans.com or 202-659-6665), or Andy Orr (aorr@eckertsemans.com or 202-659-6625).
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