A Thaw in Cuban Relations Portends Important Regulatory Changes
On December 17, 2014, President Obama announced a number of changes designed to significantly ease existing regulations on travel and commerce involving Cuba. The Department of Commerce’s Bureau of Industry and Security (“BIS”) and the Department of the Treasury’s Office of Foreign Asset Control (“OFAC”), the federal agencies that administer the regulations imposing restrictions on travel and commerce involving Cuba, have announced that they will implement the changes “in the coming weeks.”