Corporate > AG Deal Diary > Obama Administration Loosens Restrictions on Cuba Travel and Commerce
16 Jan '15

On January 15, 2015, the U.S. Department of the Treasury, Office of Foreign Assets Control (OFAC) and the U.S. Department of Commerce, Bureau of Industry and Security (BIS) released regulatory amendments implementing the Cuba policy shift announced by President Obama in December 2014 (See prior alert here). These changes to the Cuban Assets Control Regulations (CACR) and the Export Administration Regulations (EAR) take effect on January 16, 2015.

While the Cuba embargo remains in place, the changes aim to further engage and empower the Cuban people by facilitating authorized travel to Cuba, authorizing certain commerce, allowing increased remittances and improving the flow of information to and from Cuba. In doing so, these new rules open opportunities in Cuba for companies and individuals in the United States and elsewhere. 

Click here to read the full alert.