Oct 26, 2016

Treasury and Commerce Department Ease Trade Barriers with Cuba

​(Paint.org)​ The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) and Department of Commerce's Bureau of Industry and Security (BIS) have amended the Cuban Assets Control Regulations (CACR) and Export Administration Regulations (EAR), respectively. OFAC and BIS made these amendments in support of the process of normalizing bilateral relations with Cuba.

The changes, which implement the new policy direction toward Cuba that President Obama announced in December 2014, took effect Oct. 17 and are intended to further engage and empower the Cuban people and promote political, social, and economic reform in Cuba by easing sanctions related to, among others, scientific collaboration, humanitarian activities, trade and commerce, and travel.

A fact sheet on the amendments is available here.