Sunday, January 30, 2011

New Regulations from OFAC

Full text available on OFAC web site, click here

OFAC Summary 

The Department of the Treasury's Office of Foreign Assets Control ("OFAC") today is amending the Cuban Assets Control Regulations, 31 C.F.R. part 515 (the "CACR"), to implement policy changes announced by the President on January 14, 2011, to allow, among other things, for greater licensing of travel to Cuba for educational, cultural, religious, and journalistic activities and to expand licensing of remittances to Cuba.  Among other changes, OFAC has issued new general licenses authorizing travel-related transactions incident to certain educational or religious activities to replace the former statements of specific licensing policy for such transactions.  OFAC has restored to the CACR a statement of specific licensing policy for "people-to-people" exchanges.  This travel category provides for licenses authorizing educational exchanges not involving academic study pursuant to a degree program when those exchanges take place under the auspices of an organization that sponsors and organizes such programs to promote people-to-people contact.  OFAC has increased the scope of the statement of specific licensing policy for journalistic activities in Cuba to include free-lance journalistic projects other than "articles."  OFAC also has issued new general licenses authorizing remittances of up to $500 per quarter to any Cuban national, as well as unlimited remittances to religious organizations in Cuba in support of religious activities there.  These amendments also authorize certain transactions with Cuban national individuals who have taken up permanent residence outside of Cuba, as well as implement certain technical and conforming changes.

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