OFAC updates Cuban Assets Control Regulations

OFAC has published in the November 9, 2017, Federal Register a final rule amending the Cuban Assets Control Regulations, 31 C.F.R. part 515, to implement the national security presidential memorandum issued by the president in June. The changes are intended to channel economic activities away from the Cuban military, intelligence, and security services, while maintaining opportunities for Americans to engage in authorized travel to Cuba and support the private, small business sector on the island. OFAC also published a number of new and updated Frequently Asked Questions and a Fact Sheet pertaining to the regulatory amendment. OFAC's action was coordinated with the State and Commerce Departments, each of which announced actions related to Cuba.