Final rules amending Cuban assets control regulations, Cuba licensing policy

Final rules amending Cuban assets control regulations

The Treasury Department's Office of Foreign Assets Control (OFAC) today released for publication in the Federal Register a final rule that amends the Cuban assets control regulations (CACR). The final rule is being issued to implement the administration’s new policy direction toward Cuba.

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The CACR amendment [PDF 386 KB] will be published in the Federal Register and will be effective on January 27, 2016 The OFAC is also publishing a number of new and updated list of frequently asked questions [PDF 149 KB] and updated travel guidance [PDF 27 KB]. 

In a related development, the Commerce Department’s Bureau of Industry and Security (BIS) released revisions to the Cuba licensing rules. The BIS release [PDF 223 KB] amends the exceptions to the general policy of denial in the Export Administration Regulations (EAR) for exports and reexports to Cuba by identifying additional types of exports and reexports that are subject to a general policy of approval, including items for safety of civil aviation and safe operation of commercial aircraft engaged in international air transportation. Commerce is also amending the exception to the general policy of denial in the EAR for exports and reexports to Cuba by identifying types of exports and reexports that will be reviewed to determine, on a case-by-case basis, whether such transactions meet the needs of the Cuban people.

 

For more information, contact a professional with KPMG’s Trade & Customs practice:

Douglas Zuvich | +1 (312) 665-1022 | dzuvich@kpmg.com

Andrew Siciliano | +1 (631) 425-6057 | asiciliano@kpmg.com

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