Title

OFAC Amends Cuba Sanctions Regulations to Remove “U-Turn” General License and Impose Limits on Remittances
Client Memorandum

Created date

9/11/2019

On September 9, the U.S. Treasury Department’s Office of Foreign Assets Control published a final rule amending the Cuban Assets Control Regulations to:  

  • remove the general license authorizing so-called “U-Turn” transactions involving Cuba
  • impose limits on authorized remittances to Cuba

The rule is the latest step in a partial rollback by the Trump administration of the significant easing in Cuba sanctions that occurred under the Obama administration. It will become effective on October 9, 2019.

Related Professionals
Related Offices