OFAC amends Cuban Assets Control Regs

OFAC has published [84 FR 47121] a final rule amending the Cuban Assets Control Regulations to further implement elements of U.S. foreign policy toward Cuba. The rule amends the general license relating to "U-turn" financial transactions to eliminate the authorization to process such transactions and instead only allow the rejection of such transactions. The rule adds restrictions on "family remittances," eliminates the authorization for donative remittances, and adds a provision to authorize unlimited remittances to certain additional self-employed individuals.

The rule provides a 30-day implementation period, making it effective October 9, 2019, to allow for technical implementation of the added restrictions.