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Financial Community Likely to Welcome Obama Promise of Ease on Cuban Sanctions
By Matt Squire
printThe incoming Obama administration is likely to scale back limits on remittances to Cuba imposed by President Bush, a move that would be welcomed by the U.S. financial community, according to bank regulatory specialists. The Bush Administration tightened sanctions against the communist country in 2004, limiting remittances to $300 or less per quarter to immediate family members. The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) had previously allowed $300 per quarter to be remitted to any Cuban household not including government officials. Should President-Elect Obama follow through with a campaign promise to allow "unlimited Cuban-American family travel and...
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