THE JOURNAL OF EXPORT CONTROLS AND SANCTIONS

Issue 47, February 2016

OFAC and BIS further relax Cuba controls

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The Office of Foreign Assets Control (‘OFAC’) of the U.S. Department of the Treasury and the Bureau of Industry and Security (‘BIS’)  have published amendments to the Cuban Assets Control Regulations (‘CACR’) and the Export Administration Regulations (‘EAR’), respectively, to further relax existing U.S. sanctions on Cuba. Key changes include:   CACR Non-agricultural export trade financing: OFAC is amending section 515.533(a) to remove limitations on payment and financing terms for all exports from the United States or re-exports of 100% U.S.-origin items from a third country that are licensed or otherwise authorised by the Department of Commerce, other than exports...

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