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OFAC Loosens Rules on Remittances, Travel to Cuba
printThe U.S. Treasury Department officially loosened restrictions on money sent to Cuba Thursday, lifting caps on dollar amounts remitted and expanding the number of individuals who can receive the funds. The expected policy shift accompanied a broader easing of travel and telecommunications prohibitions involving the Communist island nation. The Obama administration first announced the changes in an April 13 letter calling on the Secretaries of State, Commerce and Travel to revise current rules. On Thursday, the Treasury Department's Office of Foreign Assets Control (OFAC) said it was ending limits on how much money Cuban nationals in the United States could...
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The U.S. Treasury Department on Tuesday authorized American banks to broadly conduct indirect transactions with their Cuban counterparts as part of an effort to stimulate bilateral trade between the nations.
U.S. Treasury Department officials on Tuesday lifted banking and export restrictions against Cuba they say have stymied yearlong efforts to normalize economic and diplomatic ties with the island-nation.
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A contradiction between U.S. sanctions rules and federal guidance on Cuban money remitters is prompting some compliance staff to scratch their heads, say analysts.
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The U.S. Treasury Department will likely move quickly in drafting regulations that loosen most restrictions on money remitted from the United States to Cuba, say banking professionals.
The Obama administration said Monday that it would lift restrictions on how much money Cuban Americans can send to Cuba, easing financial constraints first established in the 1960s.
The 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.