WASHINGTON
Doing business—and potentially the planning of certain events—just got a little easier in Cuba.
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the Department of Commerce’s Bureau of Industry and Security (BIS) announced new amendments to the Cuban Assets Control Regulations (CACR) and Export Administration Regulations (EAR), respectively.
These amendments further advance the opening of business relations with Cuba that President Obama spelled out in December 2014. The changes took effect on Jan. 27, 2016, when the updated regulations were published in the Federal Register. The new amendments removed financial restrictions for most types of authorized exports and also eased up on restrictions related to news gathering, agriculture and more.
There was also an update on meetings-related travel in Cuba, which reads:
“OFAC will authorize by general license travel-related and other transactions to organize professional meetings or conferences in Cuba. The existing general license authorizes only attendance at such meetings/conferences.”
Another amendment stated that: “OFAC will authorize by general license travel-related and other transactions to organize amateur and semi-professional international sports federation competitions and public performances, clinics, workshops, other athletic or non-athletic competitions, and exhibitions in Cuba.
"OFAC also will remove requirements that that U.S. profits from certain events must be donated to certain organizations and that certain events be run at least in part by U.S. travelers.”
More details on the full list of updates can be found via the official release:
https://www.treasury.gov/press-center/press-releases/Pages/jl0328.aspx
