OFAC Posts FAQs, Answers on Use of Dollar in Cuba Transactions
The Office of Foreign Assets Control answered two frequently asked questions (Nos. 43 and 50) on use of the dollar in certain transactions with Cuba on July 8 (here). The questions cover whether U.S. nationals may conduct dollar transactions in…
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Cuba or with Cuban nationals, and whether correspondent accounts of depository instruments of a Cuban financial institution may be established and maintained in U.S. dollars.