On January 27, 2016, the U.S. Commerce Department Bureau of Industry and Security ("BIS") and the U.S. Treasury Department Office of Foreign Assets Control ("OFAC") amended their regulations to further facilitate trade between the United States and Cuba. This is only the most recent set of steps the U.S. government has taken since President Obama announced, in December 2014, that the United States would move toward normalizing relations with Cuba.
While many limitations on trading with Cuba remain in place, the recent amendments ease restrictions related to certain exports and re-exports to Cuba, and travel to the island. The amendments also should make it easier to engage in financial transactions in and with Cuba (so long as the underlying conduct is permitted). Below is a brief summary of the amendments; the amendments themselves are available at 81 Fed. Reg. 4580 (BIS) and 81 Fed. Reg. 4583 (OFAC).
To continue reading the content in this article on the firm's Government Contracts blog, please click here to view the post.
Bass, Berry & Sims' Government Contracts blog features news, commentary and insight on the demanding and ever-changing regulatory environment of contracting with federal, state and local governments, and international trade issues when conducting a global business.