In the Headlines
June 20, 2024

What Do Looser U.S. Restrictions Mean for Cubans?

Latin America Advisor, Inter-American Dialogue
International and Cross-Border Transactions attorney Aymee Valdivia was featured in a Q&A with the Inter-American Dialogue's Latin America Advisor about the potential impact of the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) decision to lift some financial restrictions involving Cuba. Ms. Valdivia discussed the significance of allowing independent entrepreneurs in Cuba to open U.S. bank accounts and reauthorizing "U-Turn" transactions. She also highlighted the challenges in implementing these measures, such as the need for clarity from OFAC regarding compliance requirements and the hesitation of U.S. banks to process Cuba-related transactions because of compliance risks.

"The authorization for U.S. banks to open and maintain bank accounts for the Cuban private sector would have the greatest impact, if implemented. Participation of the banks is crucial for the success of this measure," she said.

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