Treasury Amends Regulations to Increase Support for the Cuban People and Independent Private Sector Entrepreneurs

WASHINGTON –Today, the Department of the Treasury’s (Treasury) Office of Foreign Assets Control (OFAC) amended the Cuban Assets Control Regulations, 31 CFR part 515, (CACR) to further implement the policy announced by the Biden-Harris Administration on May 16, 2022 to increase support for the Cuban people. These regulatory amendments update and clarify authorizations in support of internet-based services to promote internet freedom in Cuba, support independent Cuban private sector entrepreneurs, and expand access to certain financial services for the Cuban people. These regulatory amendments will become effective upon publication in the Federal Register on May 28, 2024.The latest changes to the CACR are available here. OFAC also updated Frequently Asked Questions (FAQs) on its website related to Cuba.