The following alert was issued by a member of FIBA’s Legal and Regulatory Affairs Committee regarding the Trump Administration’s Cuba Policy:
On Nov. 8, 2017, the U.S. Government announced new regulations in furtherance of the Trump Administration’s policy regarding Cuba.
As discussed in our prior GT Alert, in June 2017, President Trump published his National Security Presidential Memorandum “Strengthening the Policy of the United States Toward Cuba” (NSPM), which announced modification of U.S. policy with respect to Cuba to target the Cuban military, intelligence, and security agencies. In the NSPM, President Trump emphasized the need to promote the flow of economic benefits to the Cuban people, rather than to its military. The NSPM further directed the Commerce, State, and Treasury Departments to take various actions implementing the new policy.
Accordingly, regulations were released this week by the U.S. Department of State, Department of Treasury’s Office of Foreign Assets Control (OFAC), and Department of Commerce’s Bureau of Industry and Security (BIS) to implement the NSPM, and clarify the limitations imposed on U.S. persons wishing to travel to or do business in Cuba.