The Department of the Treasury’s Office of Foreign Assets Control on Sept. 6 announced amendments to the Cuban Assets Control Regulations to further implement President Donald Trump’s June 2017 National Security Presidential Memorandum, “Strengthening the Policy of the United States Toward Cuba.”
Among key changes, OFAC amended certain authorizations related to the provision of remittances to Cuba and eliminated the authorization for specific financial transactions known as “U-turn” transactions. “We are taking additional steps to financially isolate the Cuban regime,” said Treasury Secretary Steven Mnuchin. “The United States holds the Cuban regime accountable for its oppression of the Cuban people and support of other dictatorships throughout the region, such as the illegitimate Maduro regime.”
