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2020 · OFAC REGULATION
OFAC amendment prohibiting family remittances
· In force
Amended the Cuban Assets Control Regulations to prohibit most remittance transactions involving Cuba, including family remittances, ending a channel that had operated continuously since the 1990s. The prohibition took effect on October 27, 2020.
- Citation
- 85 FR 67988
- Authority
- U.S. Department of the Treasury, Office of Foreign Assets Control
First time family remittances to Cuba were prohibited since the easing of the embargo, sharply affecting Cuban households and remittance-services companies.
Topics
- Remittances
- Finance
- Banking
Sources
- Cuban Assets Control Regulations, final rule (85 FR 67988) — Federal Register (primary)