New Cuba Remittance Rules Likely on Fast Track as MSBs Hope for More Clarity

By Kieran Beer

The U.S. Treasury Department will likely move quickly in drafting regulations that loosen most restrictions on money remitted from the United States to Cuba, say banking professionals. The Obama administration called for the regulations, which end limits on the size and frequency of Cuba-bound remittances, in an April 13 letter to the Secretaries of State, Commerce and Treasury. The letter also calls for establishing a general license for banks and other depository institutions to forward remittances from the United States. Under current rules, established in July 1963, remittances to Cuba can only be sent to Cuban relatives are limited to...