OFAC Announces New Cuba-Related Restrictions
The Office of Foreign Assets Control amended the Cuban Assets Control Regulations to further deny the Cuban government’s access to remittance-related funds, OFAC said in a final rule released Oct. 23. The rule amends the scope of certain general licenses…
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to remove “remittance-related general authorizations” involving entities on the Cuba Restricted List, OFAC said. The change will limit those agencies’ access to remittances, “including in their role as intermediaries or in their receipt of fees or commissions from processing remittance transactions.” The rule will take effect Nov. 27. The changes follow a set of new Cuba sanctions and restrictions announced by OFAC in September that created the Cuba Restricted List, placing restrictions on lodging, research and other activities (see 2009230029).