Case No. CU-2016-325180-1

Date issued: Apr. 30 2018

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TURBOFAC Commentary (154 words)

Notes:

1) Compare/read in conjunction with Case No. CU-2016-331352-1 and comments thereto. This is very similar except that the authorizing GL cited is different. 515.577 is the CACR publishing GL.

2) The beneficiary to this wire is Casa de las Americas (evidently a non-government entity), while the beneficiary bank (Banco International de Comercio SA) is a Government of Cuba entity. Meanwhile, 515.577 provides that “section [515.577] does not apply if the parties to the transactions described in [515.577(a)] include the Government of Cuba.” This guidance confirms the most logical reading of that proviso, which is that the “Government of” exclusion to section 515.577 (and other publishing GLs) only applies where the government entity is a party to the actual publishing-related transactions authorized, not ancillary transactions such as payment processing (or...