Archives: Cuba

Subscribe to Cuba RSS Feed

OFAC Announces Settlement Agreements With American Honda Finance Corporation and American International Group, Inc.

On 8 June 2017, the Office of Foreign Assets Control (OFAC) announced a settlement agreement with American Honda Finance Corporation (AHFC), a California company, under which AHFC agreed to pay US$87,255 to settle apparent violations of Cuba sanctions. Separately, on 26 June 2017, OFAC announced a settlement agreement with American International Group, Inc. (AIG), a Delaware company headquartered in New York, … Continue Reading

Trump Administration Announces New Policy on Cuban Embargo

In a National Security Presidential Memorandum issued 16 June 2017, the Trump Administration outlined modest changes to US Cuba policy and forthcoming revisions to economic sanctions regulations implementing the Cuba embargo. According to the memorandum, the shift is intended to “promote a stable, prosperous, and free country for the Cuban People,” by, among other things, redirecting US funds to private … Continue Reading

Trade Talk: Week in Review (13-19 February 2017)

President Donald Trump hosted the Canadian and Israeli Prime Ministers at the White House last week.  Secretary of State Rex Tillerson and Secretary of Homeland Security John Kelly traveled to Mexico City this week to discuss trade and security matters. Cabinet Shuffle.  Gen. Michael Flynn resigned as the National Security Advisor (NSA) last week, after … Continue Reading

OFAC Further Eases Cuba Sanctions Before President’s Visit

In the weeks preceding President Obama’s historic visit to Cuba, the US Treasury Department’s OFAC announced new measures to further ease economic sanctions against the country. Like other sanctions relief measures implementing the President’s shift in policy toward Cuba, these recent measures are directed to further support the Cuban people. Among other things, they expand to individual travellers the … Continue Reading

OFAC Announces Two Settlement Agreements and One Finding of Violation Concerning Various Parties

OFAC announced two separate settlement agreements for alleged violations of the Cuban Assets Control Regulations: (1) a US$614,250 settlement agreement with CGG Services S.A. and its affiliated companies, and (2) a US$304,706 settlement agreement with Halliburton Atlantic Limited and Halliburton Overseas Limited. OFAC also issued a Finding of Violation to MasterCard International Incorporated for violations of the Reporting, Procedures and … Continue Reading

Trade Talk – Week in Review (21-25 March 2016)

Early last week, President Barack Obama visited Cuba, the first U.S. executive to do so in 90 years, before concluding his trip abroad in Argentina.  The President’s historic stop was overshadowed by the terrorist attack in Brussels.  This week, President Obama will host the Nuclear Security Summit in Washington, on the margins of which he … Continue Reading

Trade Talk Week in Review (14-18 March 2016)

President Barack Obama issued a new Executive Order and restrictions related to North Korea, while the Administration eased some U.S. sanctions against Cuba last week.  The President and his family traveled to Cuba on Sunday and will stop in Argentina later in the week. The White House announced early last week that South Africa had … Continue Reading

BIS and OFAC Announce Further Amendments to Cuba Sanctions Program

In the weeks preceding the 18 February 2016 agreement between the US and Cuba authorising daily US commercial flights between the two countries, regulators at the BIS and The US Treasury Department’s Office of Foreign Assets Control (OFAC) adopted companion rules easing restrictions on trade with Cuba. The BIS Rule, among other things, amends the … Continue Reading

Trade Talk – Week in Review (11-15 January 2016)

President Barack Obama addressed a joint session of Congress on Tuesday, delivering his final State of the Union (SOTU) address.  Although trade is generally not a central theme during a congressional and presidential election year, the President did mention the Trans-Pacific Partnership (TPP) deal near the end of the speech as one example of American … Continue Reading

Cuba Sanctions Further Relaxed

Effective 21 September 2015, the Treasury Department’s Office of Foreign Assets Control (OFAC) and the Commerce Department’s Bureau of Industry and Security (BIS) made regulatory amendments allowing individuals and companies to further engage with Cuba. Of note, OFAC now authorizes certain categories of persons subject to US jurisdiction to establish a physical presence (e.g., an … Continue Reading

US Commerce Department Amends Export Administration Regulations to Implement Removal Cuba’s State Sponsor of Terrorism Designation

On 22 July 2015, the US Department of Commerce Bureau of Industry and Security (BIS) amended the Export Administration Regulations (EAR) to implement the Secretary of State’s removal of Cuba from the list of State Sponsors of Terrorism. The rulemaking removes anti-terrorism (AT) licensing requirements for Cuba and references throughout the EAR to Cuba as … Continue Reading
LexBlog