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Cuban Asset Control Regulations Amendment Announced

On January 16, the Treasury amended the Cuban Asset Control Regulations in light of policy changes announced by President Obama in December. The Cuban Asset Control Regulations, issued in 1963 as the major domestic instrument of enforcement of the Cuban embargo, have been amended on numerous occasions since their creation. Notable amendments in 2009 and 2011 promoted greater contact with the people of Cuba through the flow of remittances, information, etc. with the hope of inspiring human rights and democracy.   On December 17, 2014,  President Obama laid out policy changes meant to “further engage and empower the Cuban people”.  The amendment will (among other provisions) “facilitate travel to Cuba for authorized purposes… allow U. S.  financial institutions to facilitate the processing of authorized transactions…raise the limit of remittance to Cuba”.

 

Additionally, the Commerce Department announced License Exception “Support for the Cuban People (SJP)”. This license exception is intended to allow the export of certain items to Cuba that would improve the general living conditions of the Cuban people and strengthen “civil society in Cuba”.  This license exception also has a policy of approval for all items for environmental protection of U.S. waters, coasts, and air quality going to Cuba.

 

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