Markets Wired

WASHINGTON – Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) amended the Cuban Assets Control Regulations (CACR) to further implement the President’s foreign policy to deny the Cuban regime sources of revenue. The changes restrict lodging at certain properties in Cuba; importing Cuban-origin alcohol and tobacco products; attending or organizing professional meetings or conferences in Cuba; and participating in and organizing certain public performances, clinics, workshops, competitions, and exhibitions in Cuba. These regulatory amendments will become effective upon publication in the Federal Register.

“The Cuban regime has been redirecting revenue from authorized U.S. travel for its own benefit, often at the expense of the Cuban people,” said Treasury Secretary Steven T. Mnuchin. “This Administration is committed to denying Cuba’s oppressive regime access to revenues used to fund their malign activities, both at home and abroad.”

For the latest changes to the CACR, which can be found at 31 Code of Federal Regulations (CFR) part 515, see here. Major elements of the changes in the revised Treasury regulations include:

Cuba Prohibited Accommodations List

OFAC is incorporating a new provision into the CACR that prohibits any person subject to U.S. jurisdiction from lodging, paying for lodging, or making any reservation for or on behalf of a third party to lodge at any property that the Secretary of State has identified as owned or controlled by the Cuban government, a prohibited official of the Government of Cuba, a prohibited member of the Cuban Communist Party, a close relative of a prohibited official of the Government of Cuba, or a close relative of a prohibited member of the Cuban Communist Party.

Concurrent with this change, the State Department is creating a new list, the Cuba Prohibited Accommodations List, to identify the names, addresses, or other identifying details, as relevant, of properties subject to this prohibition.

Cuban-Origin Alcohol and Tobacco

OFAC is amending the CACR to exclude the importation into the United States of Cuban-origin alcohol and tobacco products from several general authorizations. Previously, the importation of Cuban-origin alcohol and tobacco products as accompanied baggage was authorized for non-commercial use under certain circumstances.

Professional Meetings and Conferences

OFAC is eliminating the general authorization related to attendance at, or organization of, professional meetings or conferences in Cuba. These activities may be authorized via specific license on a case-by-case basis to the extent not authorized under other travel-related authorizations.

Public Performances, Clinics, Workshops, Competitions, and Exhibitions

OFAC is eliminating the general authorization related to public performances, clinics, workshops, other athletic or non-athletic competitions, and exhibitions. These activities may be authorized via specific license on a case-by-case basis. As a result of this amendment, the only remaining general license for participation in and organization of athletic competitions in Cuba will be the general license for athletic competitions by amateur or semi-professional athletes or athletic teams.

View more information on Cuba sanctions.

####