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 significant amendments to the Cuban Assets Control Regulations (CACR) and Export Administration Regulations (EAR) earlier this week. These changes, coupled with the arrangement recently announced by the Departments of State and Transportation allowing scheduled air service between the United States and Cuba, will significantly increase the ability of U.S. citizens to travel to Cuba to directly engage with the Cuban people. Additionally, these regulations expand Cuba and Cuban nationals’ access to U.S. financial institutions and the U.S. dollar from Cuba, and will expand the ability for Cubans legally present in the United States to earn stipends and salaries beyond living expenses. These amendments further the new direction toward Cuba that President Obama laid out in December 2014. The changes are outlined below and will take effect on March 16, 2016, when the regulations are published in the Federal Register.
“Today’s amendments build upon President Obama’s historic actions to improve our country's relationship with Cuba and its people. These steps not only expand opportunities for economic engagement between the Cuban people and the American business community, but will also improve the lives of millions of Cuba’s citizens,” said U.S. Commerce Secretary Penny Pritzker.
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