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Thursday, October 01, 2009

OFAC Amends the Cuban Assets Control Regulations

Say what?! How is this info related to business?

In a nutshell- it's opportunity.

Here's why...

The Department of the Treasury's Office of Foreign Assets Control (OFAC) has amended the Cuban Assets Control Regulations to implement President Obama's initiative of April 13, 2009 to ease the rules/restrictions in several major areas: family visits, family remittances, telecommunications, agricultural and medical devices.

These changes will authorize transactions that are necessary for establishing facilities to provide telecommunications services linking the United States and Cuba, including fiber-optic cable and satellite facilities. Travel transactions for the commercial export of telecommunications-related items and participation in telecommunications-related professional meetings are also authorized.

The changes will also ease the rules on travel-related transactions that are directly incident to the commercial marketing, sales negotiation, accompanied delivery or servicing in Cuba of agricultural commodities, medicine, or medical devices that appear consistent with the Department of Commerce's export or reexport licensing policy.

After decades of U.S. travel and trade restrictions against Cuba, this sure seems like an opportunity to me. The penalties for non-compliance with OFAC sanctions are pretty stiff, so make sure you read the TG-273 Fact Sheet on this topic before you make your business plan!

posted by Unknown at 10:35 AM - permalink 0 comments

Small Business Reading Room

OFAC Amends the Cuban Assets Control Regulations

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