Regulatory Alerts2024-05-29 | 2024-11618Added · Updated
Cuban Assets Control Regulations
The Department of the Treasury’s Office of Foreign Assets Control amends 31 CFR Part 515 to expand authorizations for internet-based services, allowing cloud-based services and removing specific export control classification requirements for installation and repair services. The rule redefines "independent private sector entrepreneur" to include private businesses and cooperatives with up to 100 employees, excluding prohibited government officials and Communist Party members. It authorizes these entrepreneurs to maintain U.S. bank accounts and reinstates the authorization for "U-turn" transactions to facilitate remittances and payments. Additionally, the amendments update telecommunications reporting requirements to require email submissions and authorize the export of Cuban-origin software and mobile applications to third countries.