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OFAC Rolls Back Financial Sanctions to Ease Trade with Cuba

By Colby Adams

The U.S. Treasury Department's sanctions enforcer issued regulations Thursday permitting American banks to transact directly with their Cuban counterparts for the first time in decades. Under a general license that takes effect this week, U.S. banks can open correspondent accounts with Cuban institutions to process payments for authorized exports. In a complementary move, the U.S. Commerce Department expanded its list of permitted trade to include supplies for telecom and Internet services, certain construction projects and agricultural equipment, among other products. The measures also permit U.S. financial institutions to "enroll merchants" and process debit and credit payments for travel to Cuba...

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