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Financial Institution Security Measures in Cuba Get Boost as Treasury Department Implements New Regulations
Overview
The US Treasury Department’s Office of Foreign Assets Control (OFAC) has announced significant changes to its Cuban Assets Control Regulations, aimed at increasing support for the Cuban people and promoting internet freedom on the island. The new regulations will take effect on May 28, 2024.
Clarified Authorizations for Financial Services
The updated rules aim to clarify authorizations for various financial services, including:
- Internet-based services that promote communication
- E-learning platforms
- Social media
- Video conferencing
US persons are now authorized to provide cloud-based services to support these activities.
Expanded Access to Financial Services
The new regulations also expand access to certain financial services for independent Cuban private sector entrepreneurs, including the ability to:
- Open and maintain US bank accounts online
- Facilitate remittances and payments for transactions in the Cuban private sector
This move is expected to facilitate economic growth and development in Cuba.
Reinstatement of “U-Turn” Transactions
Another key change is the reinstatement of an authorization for “U-turn” transactions, which allows funds transfers to originate and terminate outside the United States without involving US persons. This will help facilitate payments and remittances for authorized transactions in the Cuban private sector.
Changes to Definition of “Independent Private Sector Entrepreneurs”
The updated regulations also include changes to the definition of “independent private sector entrepreneurs”, which now includes:
- Small private businesses with up to 100 employees
- Cooperatives with up to 100 employees
- Sole proprietorships
Prohibited Cuban officials and party members are excluded from this new term.
Quotes
“These regulatory amendments demonstrate our commitment to supporting the Cuban people and promoting internet freedom in Cuba,” said a Treasury Department spokesperson. “We believe these changes will have a positive impact on the lives of Cubans and help to promote economic growth and development.”
Additional Resources
- Full text of the updated regulations: [link]
- Frequently asked questions related to Cuba sanctions: [link]
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