January 2015

Revised Cuba Regulations Officially Released

cuba and key west Today, a final rule, opening U.S. trade with Cuba, was published in the Federal Register by the U.S. Treasury Department, Office of Foreign Assets Control (OFAC) and the U.S. Department of Commerce’s, Bureau of Industry and Security (BIS). Through this Federal Register notice, OFAC has amended its Cuban Assets Control Regulations and the BIS has amended the Export Administration Regulations with a “Support for the Cuban People” license exception. This final rule is effective today, with proposed rulemaking, opportunity for public participation, and delay in effective date deemed inapplicable because this regulation involves a foreign affairs function of the U.S.

Cuban cigars will not be readily available for U.S. consumers to purchase as a result of these changes.
Purchasing a Cuban cigar while in outside the U.S. or online is still prohibited by OFAC. The United States still maintains an embargo on trade with Cuba, which “prohibit any person subject to U.S. jurisdiction from dealing in any “property” in which Cuba or a Cuban national has or has had any interest”. The new changes announced today provide a revision to the regulations and will have a substantial impact on the following areas: travel, telecom, building materials and agricultural equipment, financial services, personal importations.

1.      Travel

  • Travel to Cuba for tourist related activity is still not authorized. “Specific licenses” will not […]

TOMORROW Updated Cuban Assets Control Regulations Take Effect

cuba map

Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced it is amending the Cuban Assets Control Regulations, 31 C.F.R. part 515 (the “CACR”), which will be published in the Federal Register tomorrow, January 16, 2015, at which time the changes will take effect. 

You can review the changes that will be published tomorrow here.

This is important, as it means the changes announced by OFAC tomorrow will be effective as of tomorrow, January 16, 2015, but, the Congressional response to those changes is still unknown.

OFAC is implementing policy changes announced by the President on December 17, 2014, which include “facilitating authorized travel to Cuba by U.S. persons, certain authorized commerce, and the flow of information to, from and within Cuba”.

 OFAC also published a number of Frequently Asked Questions​ pertaining to this regulatory amendment.

Stay tuned, tomorrow, we will go through the changes and what is now legal. 

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