[co-autor: Rachel Coyne - Intern]

The Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced today, January 26, that they are amending the Cuban Assets Control Regulations (“CACR”) to further deliver on improving the United States’ relationship with Cuba. These changes are an effort to continue to implement the new policy direction announced by President Obama in December 2014. With these amendments, the OFAC intends to further engage and empower the Cuban people and promote political, economic,  and social reform by easing sanctions related to trade, travel, banking, and humanitarian projects. These changes will take effect tomorrow, January 27, and will be published in the Federal Register.

For more on these changes, please visit the OFAC’s press release on this topic. You may also read these amended regulations in full here.