On 16 January 2015, a final rule was published in the Federal Register detailing the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) amendments to the Cuban Assets Control Regulations. These amendments are intended to implement policy changes announced by the President in December 2014, to further engage and empower the Cuban people. The amendments to the Cuban Assets Control Regulations facilitate travel to Cuba for authorized purposes, facilitate the provision by travel agents and airlines of authorized travel services and the forwarding by certain entities of authorized remittances, raise the limit on certain categories of remittances to Cuba, allow U.S. financial institutions to open correspondent accounts at Cuban financial institutions to facilitate the processing of authorized transactions, authorize certain transactions with Cuban nationals located outside of Cuba, and allow a number of other activities related to, among other areas, telecommunications, financial services, trade, and shipping. These amendments also implement certain technical and conforming changes. You can read the final rule here.
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