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OFAC Prohibits Remittance Transaction Processing by Cuban Military Entities

OFAC amended the Cuban Assets Control Regulations (or "CACR") to remove authorizations for transactions concerning remittances that involve Cuban military-run entities on the State Department's Cuba Restricted List (or "CRL"). OFAC stated that the amendments are intended to prevent such entities from obtaining any financial gain from remittance-related activities. Additionally, OFAC updated several related FAQs and issued a new FAQ outlining the general licenses impacted by the amendments.

The amendments will go into effect on November 26, 2020.

Primary Sources

  1. Treasury Press Release: Treasury Prohibits Cuban Military from Processing Remittance-Related Transactions
  2. Federal Register: Cuban Assets Control Regulations
  3. OFAC FAQ: Compliance for Internet, Web-Based Activities, and Personal Communications - 72
  4. OFAC FAQ: Cuba Sanctions - 717
  5. OFAC FAQ: Cuba Sanctions - 728
  6. OFAC FAQ: Cuba Sanctions - 732
  7. OFAC FAQ: Cuba Sanctions - 733
  8. OFAC FAQ: Cuba Sanctions - 734
  9. OFAC FAQ: Cuba Sanctions - 756
  10. OFAC FAQ: Cuba Sanctions - 759
  11. OFAC FAQ: Cuba Sanctions - 796
  12. OFAC FAQ: Cuba Sanctions - 797
  13. OFAC FAQ: Cuba Sanctions - 852

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Tags

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