In early October, OFAC announced a US$2,718,581 settlement with The General Electric Company (GE) of Boston, Massachusetts. GE, on behalf of three GE subsidiaries, Getsco Technical Services Inc., Bentley Nevada and GE Betz (collectively, the “GE Companies”), agreed to settle its potential civil liability for 289 alleged violations of the Cuban Assets Control Regulations (CACR). Specifically, between December 2010 and February … Continue Reading
On June 13, 2019, the US Treasury Department’s Office of Foreign Assets Control (OFAC) announced settlements with three travel companies – Expedia Group, Inc. (Expedia), Hotelbeds USA, Inc. (Hotelbeds USA) and Cubasphere Inc. (Cubasphere) – for their alleged involvement in booking travel to Cuba or arranging trips for Cuban nationals between 2011 and 2014.… Continue Reading
On May 2, the Trump Administration ceased waiving Title III of the Helms-Burton Act, thus allowing US individuals and companies to file lawsuits against companies that are operating in Cuba and “trafficking” in (meaning, using or profiting from) property in Cuba which was confiscated from them by the government of Cuba. (For additional details, read our earlier publication.) The … Continue Reading
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
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
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
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 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
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
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
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
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
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
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
