U.S. government agencies today released guidance concerning U.S. trade with Cuba.
The U.S. Treasury Department, Office of Foreign Assets Control (OFAC), released in connection with a final rule amending existing Cuban asset control regulations, a list of “frequently asked questions” (FAQs), and a fact sheet as information about trade and economic transactions with Cuba.
The final rule reflects amendments to the Cuban assets control regulations—31 C.F.R. part 515 (the CACR)—and are being issued to implement a memorandum issued by the president in June 2017. The CACR amendment will be published in the Federal Register on Thursday (November 9, 2017) when the changes will take effect.
In a related development, the U.S. Commerce Department, Bureau of Industry and Security (BIS), released for publication in the Federal Register, a final rule that amends the licensing policy for Cuba and portions of three license exceptions available for exports and re-exports to Cuba.
For more information, contact a professional with KPMG’s Trade & Customs practice:
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