The US Government is considering adding digital currency addresses affiliated with individuals and entities identified to the List of Specially Designated Nationals and Blocked Persons (“SDN List”). This would put US persons on notice that doing business with those digital addresses may be prohibited, increasing compliance considerations for businesses delving into the world of virtual currency.
On September 13, 2017, the Federal Register published Presidential Determination No. 2017–11 of September 8, 2017 – Continuation of the Exercise of Certain Authorities Under the Trading With the Enemy Act
Ending several weeks of speculation about a shift in U.S. policy towards Cuba, on June 16, 2017, President Trump announced changes reversing some of the steps undertaken by the Obama administration to ease the decades-long U.S. embargo of that country.
On January 13, 2017, the President signed Notice of January 13, 2017 – Continuation of National Emergency with Respect to Cuba which continues the national emergency with respect to Cuba, as modified by Proclamation 9398 of February 25, 2016,
On October 28, 2016, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued interpretive guidance on the publishing of general licenses and certain exemptions found in the Iranian Transactions and Sanctions Regulations (ITSR), 31 C.F.R. §§ 560.210, 560.538, the Cuban Assets Control Regulations (CACR), 31 C.F.R. §§ 515.206, 515.577, the Sudanese Sanctions Regulations (SSR), 31 C.F.R. §§ 538.212, 538.529, the Syrian Sanctions Regulations (SySR), 31 C.F.R. §§ 542.211, 542.532, and the Burmese Sanctions…
On October 14, 2016, the U.S. Department of Commerce’s Bureau of Industry and Security (BIS) and the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced final rules amending the Export Administration Regulations (EAR), 15 C.F.R. Part 730 et seq., and the Cuban Assets Control Regulations (CACR), 31 C.F.R. Part 515, respectively, to authorize additional activities relating to Cuba. The final rules became effective on October 17, 2016, upon publication in the Federal Register.
On October 17, 2016, the Bureau of Industry and Security (BIS) published in the Federal Register a final rule [Docket No. 160915848–6952–01] that amends a license exception to allow cargo aboard aircraft to transit Cuba when that cargo is bound for destinations other than Cuba. This rule also authorizes export and reexport of certain items sold directly to individuals in Cuba under a license exception. Finally, the rule revises the lists of ineligible Cuban officials for purposes of certain license exceptions. BIS is publishing the rule to further implement the administration’s policy of increasing engagement and commerce that benefits the Cuban people.
On October 17, 2016, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) published in the Federal Register a final rule amending the Cuban Assets Control Regulations (CACR) to further implement elements of the policy announced by the President on December 17, 2014, to engage and empower the Cuban people. Among other things, these amendments authorize certain transactions related to Cuban-origin pharmaceuticals and joint medical research; add, expand, and clarify authorizations relating to trade…
On October 14, 2016, President Obama issued a Policy Directive – United States-Cuba Normalization. In the Directive, the President stated the following long term end-sate goals:
On October 14, 2016, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced that it is amending the Cuban Assets Control Regulations, 31 C.F.R. part 515 (the “CACR”), to further implement the new policy direction toward Cuba that the President announced in December 2014. These changes are intended to further engage and empower the Cuban people and promote political, social, and economic reform in Cuba by easing sanctions related to, among others,…