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Cuba modifies some regulations unpopular with private sector

AP — Cuba’s government has modified a series of measures unpopular with the country’s private sector, including lifting restrictions on the number of business permits a person can have and the number of chairs there can be in restaurants, a top official said Wednesday. In July,… Read More

JP Morgan fined $5 million over sanctions violation

The US Treasury’s Office of Foreign Assets Control (OFAC) has reached a $5,263,171 settlement with JPMorgan Chase Bank (JPMC) over violations pertaining to sanctions, covering Iran, the Cuban assets control rules and weapons of mass destruction proliferators. The transactions were net settlement payments, of which a ‘very small portion’… Read More

Tax evasion: Cuba lifting freeze on new private tourism businesses

AP — A 16-month freeze on new private restaurants and bed-and-breakfasts will end in December when Cuba’s communist government implements new regulations meant to prevent tax evasion and the accumulation of wealth, state media said Tuesday. Cuban officials who announced the change said that the private… Read More

18th April 2018

Castro set to step aside as Cuban president, his reforms incomplete

Most of Camilo Condis’ family emigrated from Communist-run Cuba to the United States seeking a better life, but the 32-year-old decided to stay after Raul Castro became president a decade ago and promised change. Seeking to make socialism sustainable, Castro introduced some market reforms to the state-run economy and secured… Read More

8th November 2017

Cuba sanctions: Trump administration tightens restrictions

The US government announced new Cuba sanctions on Wednesday, tightening restrictions as part of President Donald Trump’s pledge to roll back his Democratic predecessor’s move toward warmer ties with Havana. The changes, which take effect on Thursday, are aimed at preventing US trade and travellers… Read More

20th June 2017

Cuban foreign minister: we will not buckle in face of Trump’s sanctions

In the first response by a Cuban official to a new, harsher Cuba policy unveiled by President Donald Trump last week, Foreign Minister Bruno Rodriguez said Monday that the island’s government would not buckle to the new sanctions. … Read More

19th June 2017

Cold War deja vu deepens as new Russia sanctions anger Europe

Russia on Sunday accused the U.S. of returning to “almost forgotten Cold War rhetoric,” after President Donald Trump’s decision to reinstate some sanctions on Cuba. It could have dropped “forgotten.” There’s been a lively debate among historians and diplomats for years over whether the souring of relations between the U.S. Read More

27th April 2017

Huawei, Chinese technology giant, is focus of widening U.S. investigation

As one of the world’s biggest sellers of smartphones and the back-end equipment that makes cellular networks run, Huawei Technologies has become one of the major symbols of China’s global technology ambitions. But as it continues its rise, its business with some… Read More

18th January 2017

US: Treasury Department reaches settlement with pro-Cuba activist accused of violating embargo

The U.S. Treasury Department’s Office of Foreign Assets Control has agreed to drop legal proceedings against longtime pro-Cuba activist Albert A. Fox Jr. in exchange for a fine of $10,000. Read More

22nd August 2016

Iran’s FM: We understand pressure of US sanctions on Cuba

Iranian Foreign Minister Mohammad Javad Zarif claimed that Iran understands the pressure of US imposed sanctions on Cuba and therefore will endeavor to maintain good relations with the Caribbean island nation. He made the remarks before arriving in the Cuban capital of Havana, his first visit to Latin America,… Read More

15th May 2016

US and Cuba Discuss Money Laundering

Representatives of Cuba and US met in Havana on Thursday and Friday to discuss cooperation in fighting money laundering. Read More

“NOW WHAT” – AN ARTICLE THAT ANSWERS THE QUESTION, “AFTER SANCTIONS ARE LIFTED, HOW DO I GET MY MONEY BACK?”

Against a backdrop of big changes to U.S. sanctions in respect of both Iran and Cuba, A. Katherine Toomey, Cristian Francos and Aaron T. Wolfson of Lewis Baach PLLC explain how to access funds which had been frozen - until now Read More

26th February 2016

Halliburton subsidiary agrees OFAC penalty for Cuba violations

Halliburton Atlantic Limited (HAL) has agreed to pay $304,706 to settle its potential liability for violations of US sanctions on Cuba. The violations related to transactions worth $1,189,752, with a base penalty of $423,202 and a maximum of $1,235,000. Read More

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