OFAC – AMENDMENT OF CUBAN SANCTIONS REGULATIONS AND UPDATED FAQ

On 26 October, OFAC advised that a new Rule will be published in the Federal Register on 27 October, and will be effective 30 days later on 26 November.  It is also updated several related FAQ.  The idea behind the changes is to remove Cuba’s military-run entities from the remittance process.  Specifically, OFAC is amending the regulations to remove from the scope of certain remittance-related general authorizations any transactions relating to the collection, forwarding, or receipt of remittances involving entities or sub-entities identified on the State Department’s Cuba Restricted List (CRL). 

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20201026

https://home.treasury.gov/news/press-releases/sm1164

I had omitted the following link (as it did not seem to generate much interest!), but it seemed time to add it again and say that, if you would like to make a (polite) gesture and help me with my removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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