OFAC amended the Cuban Assets Control Regulations
("CACR") to (i) revise authorizations concerning
remittance allowances and (ii) eliminate authorizations for
so-called "U-turn" transactions.
The new amendments place restrictions on family remittances,
eliminate "donative" remittances and add provisions
authorizing certain remittances for independent non-governmental
organizations and certain individuals in Cuba.
OFAC is amending the applicable general license, located at 31
CFR § 515.584(d), to eliminate the "U-turn"
authorization (i.e., authorizations on
transactions processed by a financial institution subject to U.S.
jurisdiction, but that originate and terminate outside of the
United States, and where neither the originator nor the beneficiary
is a person subject to U.S. jurisdiction). Financial institutions
subject to U.S. jurisdiction will be authorized to reject - but
will not be required to block - such transactions.
