OFAC FAQ (Current) FAQ # 736 - Cuba-related: Banking

Date issued: Aug. 27 2024

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TURBOFAC Commentary (519 words)

Notes:

1) FAQ amended on 9-23-2020 to fix a grammatical error.

2) The 9-23-2020 version of the FAQ contained the following statement:

"Further, the use of U.S. dollars for transactions that are exempt from the prohibitions of or not otherwise prohibited by the CACR is also authorized. For example, payments related to the importation or exportation of informational materials as defined in 31 CFR § 515.332, such as books or musical recordings, may be made in U.S. dollars."

The wording of those sentences is a bit loose. Technically, payments related to exempt transactions are themselves exempt; not "authorized." This distinction is frequently meaningful.

The FAQ was amended on 5-28-24 to change that to “the use of U.S. dollars for transactions that are exempt from the prohibitions of, or authorized by, the CACR...