This overview of the Cuban Assets Control Regulations -- Title 31 Part 515 of the U.S. Code of Federal Regulations, is taken in large part from a Treasury publication. The Cuban Assets Control Regulations (31 C.F.R. part 515) contain the legally binding provisions governing the sanctions that OFAC [Office of Foreign Assets Controls] administers.
The Cuban Assets Control Regulations, 31 CFR Part 515 (the ‘Regulations’), were issued by the U.S. Government on July 8, 1963, under the Trading With the Enemy Act in response to certain hostile actions by the Cuban Government. They apply to all persons (individuals and entities) subject to U.S. jurisdiction including all U.S. citizens and permanent residents wherever located, all persons in the United States, and all branches and subsidiaries of U.S. organizations throughout the world ñ as well as all persons engaging in transactions that involve property in or otherwise subject to the jurisdiction of the United States. The Regulations are administered by the Department of the Treasury’s Office of Foreign Assets Control (“OFAC”). Criminal penalties for violating the Regulations range up to 10 years in prison, $1,000,000 icorporate fines, and $250,000 in individual fines. Civil penalties up to $65,000 per violation may also be imposed. The Regulations require those dealing with Cuba (including traveling to Cuba) to maintain records for five years and, upon request from OFAC, to furnish information regarding such dealings.
General and specific licenses are available to engage in certain transactions that are otherwise prohibited by the Regulations. A ìgeneral licenseî authorizes a particular type of transaction without the need for an application to, or further permission from, OFAC. A ìspecific licenseî authorizes specific transactions, and is issued to a specific person or persons, usually in respons to an application. Types of specific licenses that OFAC frequently issues are set forth in the Regulations as statements of licensing policy.
The following subjects are governed by the Regulations and click here for a detailed discussion. Click here to read report.
II. WHO MAY TRAVEL TO CUBA PURSUANT TO A GENERAL LICENSE?
III. WHO MAY TRAVEL TO CUBA PURSUANT TO A SPECIFIC LICENSE?
IV. WHAT CUBA-RELATED TRAVEL TRANSACTIONS ARE AUTHORIZED BY OFAC LICENSES?
V. WHAT CAN BE BROUGHT BACK FROM CUBA?
VI. SENDING OR CARRYING MONEY TO CUBA: REMITTANCES
VII. GENERAL PROHIBITIONS ON EXPORTS, IMPORTS, AND CERTAIN OTHER TRANSACTIONS
VIII. HUMANITARIAN DONATIONS AND GIFT PARCELS
IX. MAIL AND TELECOMMUNICATIONS SERVICES IN CUBA
X. FAIR BUSINESS PRACTICES
XII. PAYMENTS FOR OVERFLIGHTS
Updated by RHR on1-24-12
We have 25 years of experience in filing petitions with US Customs to seek the return of seized merchandise for alleged embargo violations. We also will help file petitions to remit any additional penalties which may be assessed in this situation. We may be able to offer you an attorney fee arrangement based partially on a fixed initial retainer and partially on a contingency basis.
The Law Offices of R. H. Robbins assists companies and individuals with international trade matters. Please contact us by telephone at: (954) 946-8130 OR by email to rose at roserobbins.com OR by submitting the simple form below to set up a free confidential consultation to see if we may be of assistance to you in the return of your merchandise or the remission of any assessed penalty.