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OFAC Enforcement Action: General Electric

For a period of over 3 years, GE appears to have violated the Cuban Assets Control Regulations (CACR) 289 times, resulting in a settlement of $2,718,581, as opposed to a base penalty of $3,377,119 and a maximum statutory penalty of $17,785,000. This is what happened: Specifically, between December 2010 and […]

September 6, 2019: OFAC updates Cuban regulations, FAQs

Publication of Updated Cuban Assets Control Regulations (CACR) and Frequently Asked Questions 9/6/2019 The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is amending the Cuban Assets Control Regulations, 31 C.F.R. part 515 (CACR), to further implement portions of the President’s foreign policy toward Cuba.  In accordance with announced […]