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:
Douglas Zuvich | +1 (312) 665-1022 | firstname.lastname@example.org
Andrew Siciliano | +1 (631) 425-6057 | email@example.com
© 2017 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.