In a continued effort to implement the policy change announced by President Obama on December 17, 2014, to engage and empower the Cuban people, the Office of Foreign Assets Control (“OFAC”) has announced additional amendments to the Cuban Assets Control Regulations. These amendments, which went into effect on October 17, 2016, constitute the sixth time that the various sets of regulations governing Cuba have been amended.
The regulatory changes implemented by OFAC principally relate to:
- trade and commerce;
- contingent contracts;
- services related to infrastructure;
- health and pharmaceuticals; and
- certain other activities.