OFAC amended the Cuban Assets Control Regulations (or "CACR") to remove authorizations for transactions concerning remittances that involve Cuban military-run entities on the State Department's Cuba Restricted List (or "CRL"). OFAC stated that the amendments are intended to prevent such entities from obtaining any financial gain from remittance-related activities. Additionally, OFAC updated several related FAQs and issued a new FAQ outlining the general licenses impacted by the amendments.
The amendments will go into effect on November 26, 2020.
Primary Sources
- Treasury Press Release: Treasury Prohibits Cuban Military from Processing Remittance-Related Transactions
- Federal Register: Cuban Assets Control Regulations
- OFAC FAQ: Compliance for Internet, Web-Based Activities, and Personal Communications - 72
- OFAC FAQ: Cuba Sanctions - 717
- OFAC FAQ: Cuba Sanctions - 728
- OFAC FAQ: Cuba Sanctions - 732
- OFAC FAQ: Cuba Sanctions - 733
- OFAC FAQ: Cuba Sanctions - 734
- OFAC FAQ: Cuba Sanctions - 756
- OFAC FAQ: Cuba Sanctions - 759
- OFAC FAQ: Cuba Sanctions - 796
- OFAC FAQ: Cuba Sanctions - 797
- OFAC FAQ: Cuba Sanctions - 852
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.