OFAC amends Cuban Assets Control Regulations

Financial Crimes Agency Rule-Making & Guidance Department of Treasury OFAC Of Interest to Non-US Persons OFAC Sanctions OFAC Designations Cuba

On June 8, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced a final rule amending the Cuban Assets Control Regulations, and further implementing portions of President Biden’s foreign policy to increase support for Cuban people. Specifically, the final rule “authorizes group people-to-people educational travel to Cuba and removes certain restrictions on authorized academic educational activities, authorizes travel to attend or organize professional meetings or conferences in Cuba, removes the $1,000 quarterly limit on family remittances, and authorizes donative remittances to Cuba.” The final rule is effective June 9.

In conjunction with the announcement, OFAC published a number of new and updated Cuba-related frequently asked questions addressing, among other things, remittance transactions, travel activities, and authorized imports.