The Obama administration on Friday further eased U.S. economic and trade sanctions against Cuba, ending certain prohibitions on banking relationships and limits on wire transfers to the nation. The amendments, which take effect Monday, will allow American businesses and travelers authorized to visit or work in Cuba to maintain bank accounts with Cuban financial institutions. American banks will be permitted to open accounts for Cuban nationals in other countries and maintain U.S. accounts for Cubans not physically present in the United States. The final rule by the U.S. Treasury Department's the Office of Foreign Assets Control (OFAC) also ends the...
U.S. Treasury Department officials on Tuesday lifted banking and export restrictions against Cuba they say have stymied yearlong efforts to normalize economic and diplomatic ties with the island-nation.
The expected reemergence of Iran on global markets will likely pose the toughest challenge for sanctions compliance officers in the coming year, according to Alexandre Lamy, an attorney with Baker & McKenzie's International Trade Practice Group.
Thursday's partial easing of U.S. sanctions against Cuba will do much to bring money to the island nation, but even a full rollback of economic restrictions won't soon resolve the biggest barriers to entry for American banks: low profit margins and high regulatory risk.