The office of Foreign Assets Control (OFAC) has amended the Cuban Assets Control Regulations (CACR) (31 C.F.R. part 515) related to remittances and certain kinds of financial transactions. The following changes have been made:
- revise certain authorizations for remittances to Cuba to impose new requirements and limitations; and
- revise the authorization commonly known as the “U-turn” general license to eliminate the authorization for banking institutions subject to U.S. jurisdiction to process certain kinds of financial transactions.
OFAC has also released an updated FAQs (https://www.treasury.gov/resource-center/sanctions/Programs/Documents/cuba_faqs_new.pdf) and Fact Sheet (https://www.treasury.gov/resource-center/sanctions/Programs/Documents/cuba_fact_sheet_20190906.pdf) related to the CACR.