Case No. CU-77526

Date issued: May. 29 2008

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TURBOFAC Commentary (2289 words)

Notes:

1) RELEVANT BACKGROUND

The following background is useful, though not essential, for an appreciation of the value of Case No. CU-77526. Case No. CU-77526 is one of the most (if not the only) useful available binding determination from OFAC speaking to the scope of the term “control,” as it applies in the context of the Cuban “National” test at 515.302 of the CACR.

The applicant is the Miami branch of a Venezuelan state-owned bank inquiring about the legality of its US-based account for “TV Sur”. TV Sur (full name: “La Nueva Television del Sur, C.A. (TV Sur),” generally d/b/a/ “TeleSUR”) is a Venezuelan entity formed in 2005. It was “sponsored and originally owned by the governments of Venezuela, Argentina, Cuba and Uruguay” (see e.g. https://www.sec.gov/Archives/edgar/data/103198/000119312517376486/d505622dex99d.htm). By all appearances the entity is (as of...