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OFAC Loosens Rules on Remittances, Travel to Cuba
printThe U.S. Treasury Department officially loosened restrictions on money sent to Cuba Thursday, lifting caps on dollar amounts remitted and expanding the number of individuals who can receive the funds. The expected policy shift accompanied a broader easing of travel and telecommunications prohibitions involving the Communist island nation. The Obama administration first announced the changes in an April 13 letter calling on the Secretaries of State, Commerce and Travel to revise current rules. On Thursday, the Treasury Department's Office of Foreign Assets Control (OFAC) said it was ending limits on how much money Cuban nationals in the United States could...
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