Following President Trump’s June 16th announcement on changes to U.S. policy with respect to Cuba, the U.S. Department of the Treasury, Office of Foreign Assets Control (OFAC) has posted a new frequently asked questions (FAQs) document.
OFAC will implement the Treasury-specific changes via amendments to its Cuban Assets Control Regulations. The Department of Commerce will implement any necessary changes via amendments to its Export Administration Regulations (EAR). OFAC expects to issue its regulatory amendments in the coming months. The announced changes do not take effect until those new regulations are issued, which could take several months.
The Trump administration’s changes include diversion of purchases away from the Cuban military while allowing U.S. individuals and entities to develop economic ties with the private small business sector in Cuba.
For more information on the National Security Presidential Memorandum visit:
https://www.whitehouse.gov/blog/2017/06/16/fact-sheet-cuba-policy
As always, your general questions about this regulatory update may be directed to your Livingston account manager, or to Livingston’s US Regulatory Affairs group: [email protected]