Obama Administration Promotes Expanded Opportunities With Cuba

On Friday, October 14, 2016, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) and the Department of Commerce's Bureau of Industry and Security (BIS) issued new amendments to the Cuban Assets Control Regulations (CACR) and Export Administration Regulations (EAR). OFAC is the federal agency responsible for enforcement of U.S. international economic sanctions. BIS is the federal agency responsible for developing export control policies, issuing export licenses, and prosecuting violations.

The Obama Administration is making these amendments in further support normalizing bilateral relations with Cuba. The objective of the new rules is to facilitate greater engagement between the United States and Cuba across multiple sectors. The OFAC and BIS regulations were previously amended on January 16, June 15, and September 21, 2015, and January 27 and March 16, 2016 to implement President Obama's policy to further engage and empower the Cuban people.