Practitioner-reported Informal Guidance - Business Insights: Cuba, Can Individuals in the United States Invest in Cuba Today? Fox Rothschild, LLP. December, 2014. [Excerpt reporting OFAC guidance]

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TURBOFAC Commentary (961 words)

Notes:

This article builds on the guidance letter at issue in two important ways, and probably has implications for how OFAC views "indirect financing" in the context of other embargoes as well.

[UPDATE See key Case No. MUL-2013-304318-1 and comments thereto building on this item. The below has not been updated to reflect the addition of Case No. MUL-2013-304318-1 to the Research System].

1) INDIRECT FINANCING

First, OFAC appears to take the position, similar to the one taken on record in the Sudan context, that the threshold for the extent to which a third-country company can do business with Cuba before financing it is impermissible is that a "majority of the revenues of the foreign company [can] not [be] derived from Cuba." This is important insofar as it confirms i) the existence of a "predominance" test as seen in the Sudanese and Burmese...

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Business Insights: Cuba, Can Individuals in the United States Invest in Cuba Today? Fox Rothschild, LLP. December, 2014. [Excerpt reporting OFAC guidance]

TURBOFAC Commentary (961 words)