On Friday, October 14, 2016, the U.S. Department of the
Treasury's Office of Foreign Assets Control (OFAC) and the
Department of Commerce's Bureau of Industry and Security (BIS)
issued new amendments to the Cuban Assets Control Regulations
(CACR) and Export Administration Regulations (EAR). OFAC is the
federal agency responsible for enforcement of U.S. international
economic sanctions. BIS is the federal agency responsible for
developing export control policies, issuing export licenses, and
The Obama Administration is making these amendments in further
support normalizing bilateral relations with Cuba. The objective of
the new rules is to facilitate greater engagement between the
United States and Cuba across multiple sectors. The OFAC and BIS
regulations were previously amended on January 16, June 15, and
September 21, 2015, and January 27 and March 16, 2016 to implement
President Obama's policy to further engage and empower the
"President Obama's historic announcement in December
2014 charted a new course for a stronger, more open U.S.-Cuba
relationship," said Treasury Secretary Jacob J. Lew. "The
Treasury Department has worked to break down economic barriers in
areas such as travel, trade and commerce, banking, and
telecommunications. Today's action builds on this progress by
enabling more scientific collaboration, grants and scholarships,
people-to-people contact, and private sector growth. These steps
have the potential to accelerate constructive change and unlock
greater economic opportunity for Cubans and Americans."
"These amendments will create more opportunities for Cuban
citizens to access American goods and services, further
strengthening the ties between our two countries," said U.S.
Secretary of Commerce Penny Pritzker.
Among other things, the new amendments add and expand
authorizations of transactions related to Cuban-origin
pharmaceuticals and joint medical research, trade and commerce,
civil aviation safety-related services, travel to Cuba, and
humanitarian services designed to directly benefit the Cuban
people. Some of the changes, which go into effect on October 17,
Cuban-developed pharmaceuticals will
be able to gain approval by the US Food and Drug Administration
(FDA). The FDA-approved Cuban-origin pharmaceuticals can be
imported, marketed, sold and distributed in the United States.
Americans will be allowed to engage
in joint medical research projects with Cuban nationals. Both
non-commercial and commercial research projects will be
Americans engaged in approved
health-related activities will be allowed to open and maintain bank
accounts in Cuba for use in conducting the authorized busines
Americans will be permitted to enter
into certain contingent contracts for trade with Cuba.
Americans who travel to Cuba will no
longer be limited to bringing back goods worth up to $400,
including $100 worth of tobacco and alcohol. OFAC is removing the
monetary value limitations on what authorized travelers may import
from Cuba into the United States. Normal limits on Americans'
importation of foreign products for personal use will apply to U.
S. Citizens traveling from Cuba. OFAC is also removing the
prohibition on Americans purchasing and bringing into the United
States for personal use Cuban products obtained while traveling in
third countries. Similarly, foreign travelers may bring
Cuban-origin alcohol and tobacco products into the United States
for personal use.
OFAC will waive the restriction
prohibiting foreign vessels from entering a U.S. port for purposes
of loading or unloading freight for 180 days after calling on a
Cuban port for trade purposes.
BIS will generally authorize air
cargo to transit Cuba. The amended regulations allow cargo aboard
aircraft bound for destinations other than Cuba to transit Cuba
under a license exception.
BIS will authorize exports of certain
consumer goods that are sold online or through other means directly
to eligible individuals in Cuba for their personal use.
Americans will be allowed to provide
civil aviation safety-related services to Cuba and Cuban
The Treasury regulations 31 Code of Federal Regulations (CFR),
part 515, are available by clicking here. The Commerce regulations 15 CFR parts
730-774, are available by clicking here.
Disclaimer:This Alert has been
prepared and published for informational purposes only and is not
offered, nor should be construed, as legal advice. For more
information, please see the firm's
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.
Uruguay has open and solid financial and banking systems and offers a business-friendly environment. No wonder why the country and its more than 10 free zones are attractive for many multinationals and investors.
The early 1990’s in Brazil were marked by a combination of extremely high inflation, poor quality services and goods (which were mostly manufactured locally), onerous bureaucracy, and persistent corruption.
Some comments from our readers… “The articles are extremely timely and highly applicable” “I often find critical information not available elsewhere” “As in-house counsel, Mondaq’s service is of great value”
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).