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OFAC Amends Cuban Assets Control Regulations

OFAC amended the Cuban Assets Control Regulations, 31 C.F.R. Part 515 ("CACR"), to (i) authorize group "people-to-people" educational travel to Cuba, (ii) authorize travel to attend or organize professional meetings or conferences in Cuba and (iii) remove the $1,000 quarterly limit on family remittances and authorize donative remittances to Cuba.

The amendments take effect on June 9, 2022.

OFAC published two new Frequently Asked Questions:

  • FAQ 1056, which specifies the scope of the amended regulations; and

  • FAQ 1057, which clarifies that remittance forwarding services do not need to independently verify whether a sender is authorized to conduct transactions in Cuba.

OFAC also amended six FAQs relating to the CACR: FAQ 695 (general travel authorizations), FAQ 701 (authorized travel-related transactions for "professional research and professional meetings"), FAQ 702 (educational activities), FAQ 704 (engagement with "people to people" as an individual), FAQ 732 (remittances) and FAQ 770 (Cuban imports).

Primary Sources

  1. OFAC Recent Action: Publication of Amended Cuban Assets Control Regulations (CACR) and Related Frequently Asked Questions
  2. OFAC New Frequently Asked Questions: Cuban Assets Control Regulations (CACR)
  3. OFAC Amended Frequently Asked Questions: Cuban Assets Control Regulations (CACR)
  4. OFAC FAQ 695
  5. OFAC FAQ 701
  6. OFAC FAQ 702
  7. OFAC FAQ 703
  8. OFAC FAQ 732
  9. OFAC FAQ 770
  10. OFAC FAQ 1056
  11. OFAC FAQ 1057

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Tags

Regulated Activities
Sanctions Compliance
Sub-Activity
Sanctions Based on Country
Body of Law
Sanctions
Jurisdiction
US - Federal
Organization
Treasury / FinCEN / OFAC / CFIUS
Sub-Author
OFAC