The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) added five new Frequently Asked Questions (FAQs) on 6 January 2017. The new FAQs were in reference to a general license that OFAC issued on October of 2016. The license considerably lessened the ‘180-day’ rule – a restriction that makes foreign-flag vessels wait at least … Continue Reading
Reed Smith has been closely monitoring developments in U.S.-Cuba relations. With President Obama’s historic visit to Cuba in the books, we invite you to take a closer look at some recent amendments that were made to Cuban Assets Control Regulations (CACR) and Export Administration Regulations (EAR). These changes provide significant benefits in the travel, shipping, … Continue Reading
In keeping with the continued efforts of the White House to re-establish diplomatic relations with Cuba, the United States recently modified its stance on travel to Cuba and eased certain export restrictions. Reed Smith’s International Trade & National Security team has authored a client alert that summarizes the policy amendments, and explains the implications for … Continue Reading
In keeping with the Obama Administration’s efforts to normalize relations with Cuba, the U.S. government is making further amendments to CACR and EAR. While the overall embargo is still in place, these amendments will lessen the degree of various restrictions. The effects will be seen in areas including travel, telecommunications and internet-based services, commercial and … Continue Reading
On July 10, 2012, OFAC announced that Great Western Malting Co. (“Great Western”), a U.S. company, agreed to pay $1.35 million to settle apparent violations of the Cuban Assets Control Regulations. Great Western produces malt for the brewing, distilling and food markets. OFAC’s settlement announcement indicates that Great Western’s U.S.-based personnel provided back-office support for a … Continue Reading
