News & Noteworthy

Obama Administration Moves Full Steam Ahead on Cuban Policies

Posted by Chalinee Tinaves on Oct 19, 2016 3:29:45 PM

President Obama and the administration are moving full steam ahead to normalize bilateral relations with Cuba. On October 17, 2016, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the Department of Commerce’s Bureau of Industry and Security (BIS) amended the Cuban Assets Control Regulations (CACR) and the Export Administration Regulations (EAR), respectively, to ease sanctions related to scientific collaboration, humanitarian activities, trade and commerce, and travel. Consistent with President Obama’s policy directive in December 2014 to chart a new course with respect to U.S.-Cuba relations, these amendments are aimed to create new opportunities for collaboration and commercial opportunities for Cubans and Americans. Specifically, new general licenses and authorizations were added to the regulations to allow for such transactions. Significant highlights are noted below.   

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Topics: Sanctions, Cuba