The Obama administration announced it will remove Cuba from the list of state sponsors of terrorism. This decision removes the biggest regulatory barrier to banking in Cuba.
Banks will begin to allow limited services in Cuba, which attorney Andres Fernandez said removal from the list also means the country's mission, the Cuba Interests Section, in Washington will have an easier time receiving banking services. The mission needs an account to process visa transactions and do other business, he said. For many years, M&T Bank Corp. provided this service, but that was suspended last year when the bank got out of the business of banking for foreign diplomatic missions.
“No bank has wanted to do it because of this state sponsor of terrorism list,” Mr. Fernandez said.
READ: Drop From Terrorism List Hastens Opening Of Cuban Market (subscription required)
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