With all the hoopla in the news recently regarding the opening up of trade with Cuba, please keep in mind that the embargo is still in effect! Even though there have been a growing number of exceptions and amended regulations that allow for specific activities with Cuba under certain circumstances, the United States maintains an extensive embargo on trade with the country.
The new relaxed trade regulations on Cuba will help expand business and other transactions for U.S. entities and individuals; ease sanctions on Internet-based services and telecommunications; and also remove specific restrictions on exports, remittances, travel, and financial transactions. These new measures are already in effect and further implement President Obama’s December 17, 2014, announcement of a policy change with respect to Cuba.
After President Obama had signed an extension for Cuba of the Trading with the Enemy Act (TWEA) on September 11, 2015, the U.S. Government amended additional revisions to the Cuban Assets Control Regulations (CACR) and Export Administration Regulations (EAR) on September 21, to allow for the following changes:
facilitate travel to Cuba for authorized purposes
expand the telecommunications and Internet-based services general licenses
authorize subsidiaries or joint ventures subject to U.S. jurisdiction to establish a business presence in Cuba
allow certain persons to establish a physical presence in Cuba to facilitate authorized transactions
allow certain individuals to open and maintain bank accounts in Cuba to use for authorized purposes including those related to remittances
authorize all persons subject to U.S. jurisdiction to provide goods and services to Cuban nationals located outside of Cuba
allow activities related to legal services, imports of gifts, and educational activities
A detailed list from the US Department of Treasury is available at the link below.
For more information about these regulatory changes, please contact OCEANAIR Compliance, Harvey Waite by phone at (781) 286-2700 (office) or (617) 335-7790 (cell).
