The U.S. has instituted a series of rollbacks of its Cuba
sanctions since December 2014 as part of the president's policy
to normalize U.S.-Cuba relations (see our
February 5 bulletin for more detail). This latest set of
changes was announced on March 15 in anticipation of the
president's upcoming trip to Cuba on March 21.
What You Need To Know
Cuban-related financial transactions can now pass through U.S.
Banks can process U.S. dollar monetary instruments for
authorized Cuban transactions.
U.S. travelers to Canada and elsewhere outside the U.S. can
purchase and consume Cuban-origin products.
Effective March 16, the Department of the Treasury's Office
of Foreign Assets Control and the Department of Commerce's
Bureau of Industry and Security are implementing amendments to the
Cuban Assets Control Regulations and Export Administration
Regulations, which, among other things, lift the restrictions on
U.S. financial institutions processing transactions in which Cuba
or a Cuban national has an interest. The new provision authorizes
funds transfers from a bank outside the United States that pass
through one or more U.S. financial institutions before being
transferred to a bank outside the United States when neither the
originator nor beneficiary is a person subject to U.S.
U.S. banks can now process U.S. dollar monetary instruments,
including cash and travelers' checks, in connection with
authorized transactions with Cuba and Cuban nationals.
Correspondent accounts at third-country financial institutions used
for such transactions may be denominated in U.S. dollars.
These amendments also permit persons subject to U.S.
jurisdiction to purchase or acquire Cuban-origin merchandise,
including alcohol and tobacco products, while in a third country.
Therefore, U.S. travelers can now legally purchase Cuban-made goods
in Canada, although they may not bring such items back to the
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
While that agreement mandated export measures on Canadian softwood lumber exports destined for the United States, it also protected those lumber exports from the potential imposition of onerous import measures by the U.S.
On September 29, 2016, the Supreme Court of Canada issued its first tariff classification decision since Canada signed the International Convention on the Harmonized Commodity Description and Coding System in 1998.
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).