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