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The Department of the Treasury's Office of Foreign Assets Control (OFAC) is amending the Cuban Assets Control Regulations, 31 C.F.R. part 515 (CACR), to further implement portions of the President’s foreign policy toward Cuba. In accordance with announced changes related to remittances and certain kinds of financial transactions, OFAC is amending the CACR to: i) revise certain authorizations for remittances to Cuba to impose new requirements and limitations; and ii) revise the authorization commonly known as the “U-turn” general license to eliminate the authorization for banking institutions subject to U.S. jurisdiction to process certain kinds of financial transactions. The CACR amendment will be published in the Federal Register on Monday, September 9, 2019 and will take effect on October 9, 2019. OFAC is also publishing a number of updated Frequently Asked Questions and a Fact Sheet pertaining to this regulatory amendment.
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