OFAC amends Cuban Assets Control Regulations

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.