News & Analysis as of

Cuban Assets Control Regulations (CACR)

US Office of Foreign Assets Control Amends Cuba Sanctions Program, Implementing Trump Directive

by Shearman & Sterling LLP on

The Office of Foreign Assets Control has amended the Cuban Assets Control Regulations to implement changes to the Cuba sanctions program announced by President Trump in June of this year, which aimed to reinforce certain...more

The US Revises Commercial and Travel Sanctions Against Cuba

by WilmerHale on

On November 9, 2017, the US Departments of the Treasury and Commerce implemented President Trump's June 2017 National Security Presidential Memorandum (NSPM) that was designed to tighten restrictions on individual travel to...more

Financial Regulatory Developments Focus - November 2017

by Shearman & Sterling LLP on

In this newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset managers and...more

US implements key changes to Cuba sanctions financial transactions and travel provisions

by Dentons on

Effective November 9, 2017, the US Department of Treasury’s Office of Foreign Assets Control (OFAC) and the US Department of Commerce’s Bureau of Industry and Security (BIS) amended the Cuban Assets Control Regulations (CACR)...more

U.S. Restrictions on Travel to and Trade With Cuba Return

Effective November 9, 2017, new regulations took effect limiting U.S. travel and trade with Cuba. Decades ago, the United States imposed a commercial embargo on Cuba. The embargo existed in one form or another until 2015,...more

OFAC Increases Clarity Regarding Financial Transactions with Cuba

by Ballard Spahr LLP on

On November 9, 2017, the Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) amended the Cuban Assets Control Regulations, 31 C.F.R. part 515 (the “CACR”), with the stated intent of channeling economic...more

Cuba Sanctions Guidance: November 2017 Update

by Baker Donelson on

On November 9, 2017, changes to the United States' Cuba Sanctions program went into effect, as the Department of Treasury's Office of Foreign Assets Control (OFAC) and the Department of Commerce's Bureau of Industry and...more

U.S. Government Agencies Publish Changes to Cuba Sanctions Program Pursuant to President Trump’s Policy Announcement

On November 8, 2017, the Department of Treasury’s Office of Foreign Assets Control (“OFAC”) and the Department of Commerce’s Bureau of Industry and Security (“BIS”) announced amendments to the Cuban Assets Control Regulations...more

OFAC Fines American Honda for Foreign Subsidiary’s Business with Cuba

by Baker Donelson on

American Honda Finance Corporation (American Honda) has settled with the Office of Foreign Assets Control (OFAC) over potential civil liability for 13 violations of the Cuban Assets Control Regulations (CACR), which that...more

U.S. Treasury Releases Revised FAQs Clarifying Upcoming Changes to U.S.-Cuba Sanctions Regulations

by Holland & Knight LLP on

On July 25, 2017, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) issued a revised set of frequently asked questions (FAQs) further clarifying the scope and implementation process for the...more

Treasury Department Issues FAQ on Impact of Cuba Policy Shift

by Baker Donelson on

On June 16, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) issued a press release answering 12 "Frequently Asked Questions" ahead of President Trump's announcement of a revised U.S. policy...more

Obama to Trump: Before and After on Cuba

by Hogan Lovells on

On Friday, 16 June 2017, President Trump made his first major foray into U.S. - Cuban relations since assuming office. While it was a radical departure in tone from his predecessor, the changes he announced appear to leave...more

President Trump Announces New Cuba Policy Restricting Travel and Business with Military-Owned Entities

by Reed Smith on

On 16 June 2017, speaking to a crowd in Miami, Florida, President Trump announced a presidential policy directive strengthening sanctions against Cuba. President Trump stated the imposition of these sanctions was necessary to...more

U.S. Treasury Releases FAQs Addressing Trump's Announcements on Changes to U.S.-Cuba Sanctions Regulations

by Holland & Knight LLP on

On the afternoon of June 16, 2017, shortly before President Donald Trump announced new changes to the U.S.-Cuba policy, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) issued 12 frequently asked...more

OFAC Sanctions: No Entity Too Small or Too Far for Enforcement

by Bass, Berry & Sims PLC on

- Canadian bank pays penalties for U.S. dollar transactions involving Cuba and Iran - Bank receives Finding of Violation – but no penalty – for violations by European subsidiaries - Disclosure and cooperation...more

Insights Newsletter - December 2016

SHINING LIGHT INTO THE HEART OF DARKNESS:An Update on the Cuban Embargo - I. Executive Summary - Sixty years after the imposition of the Cuban Embargo, the orthodoxy and ideology that caused it to persist are no...more

2017 Key Trade Issues: U.S. Embargoes and Economic Sanctions on Iran, Russia, and Cuba

by Polsinelli on

U.S. embargoes and economic sanctions on countries such as Iran, Russia and Cuba were discussed at length by both candidates during the 2016 Presidential campaign, and President-Elect Trump has stated that he intended to...more

Negotiation By Tweet: The Uncertain Future of U.S.-Cuba Relations

After the announcement of Fidel Castro’s death on November 26, 2016, President Barack Obama sent a message to the Cuban people highlighting his administration’s efforts to improve relations between the United States and Cuba....more

The Latest from Canada, Cuba, and the United Kingdom - Updates to Previous Announcements

by Cohen & Grigsby, P.C on

In various bulletins earlier in the year, we let you know about some significant changes that were coming in Canada, Cuba, and the United Kingdom, and we promised to keep you updated as the situations continued to develop....more

Sanctions Update: Burma, Cuba, and Iran

by King & Spalding on

Over the past month, substantial changes were made to several sanctions programs affecting Burma, Cuba, and Iran by President Obama and the Department of Treasury Office of Foreign Assets Control (OFAC)....more

Sanctions Roundup: Third Quarter 2016 and Executive Order on Burmese Sanctions

by Shearman & Sterling LLP on

OFAC, acting under the direction of President Obama’s Executive Orders, has lifted the economic and financial sanctions against Burma and Côte D’Ivoire. The revisions open these countries, and their financial markets, to...more

New Changes to Federal Regulations Create New Opportunities in Cuba for U.S. Businesses

by Akerman LLP on

On October 17, 2016 the U.S. Office of Foreign Assets Control (OFAC) and the U.S. Department of Commerce's Bureau of Industry and Security (BIS) published respective amendments to the Cuban Assets Control Regulations and...more

"OFAC and BIS Implement Additional Amendments in Support of Cuba Policy Shift"

On October 14, 2016, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the Department of Commerce’s Bureau of Industry and Security (BIS) announced further amendments to ease U.S. sanctions and...more

US Further Liberalizes Cuba Sanctions and Export Controls

by White & Case LLP on

On October 14, 2016, the United States announced additional measures to liberalize Cuba sanctions and export controls, effective October 17, 2016. The new measures, which are summarized below, authorize additional...more

US Implements Sixth Round of Eased Cuba Sanctions

by WilmerHale on

On October 17, the US Departments of Commerce and the Treasury announced the sixth round of eased sanctions and export controls designed to bolster trade between the United States and Cuba. The amendments by the Bureau of...more

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