International E-lert — Changes to the OFAC Regulations Pertaining to Cuba

Milton A. Vescovacci

Milton A. Vescovacci
GrayRobinson, P.A.

On January 16, 2015, the new Cuban Asset Control Regulations (31 C.F.R. § 515) went into effect. This further relaxes the restrictions imposed by the United States government on travel to Cuba and on transactions by United States citizens, residents and other persons subject to the United States jurisdiction (“United States person”) with Cuba or Cuban nationals. Some say it is a further weakening of the United States embargo on Cuba. More important is the historic reestablishment of diplomatic relations between the United States and Cuban governments, with the announcement by President Obama of the establishment of the first United States embassy in Havana since the two countries ended diplomatic relations in 1961.

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