The US has taken further steps towards normal trade relations with Cuba by amending the Cuban Assets Control Regulations in order to relax US sanctions against Cuba. These actions follow other important milestones achieved since US President Barack Obama and Cuban President Raul Castro announced the normalization process on December 17, 2014. For example, the countries have resumed full diplomatic relations, the US has removed Cuba from its list of state sponsors of terrorism, and the US has allowed the Cuban government to open a bank account in the US. Despite this liberalization of relations with Cuba, it is important to note that a majority of the prohibitions against investment in, trade with, or travel to Cuba for persons subject to US jurisdiction remain in place. To read more from our Corporate Crime team in New York, click here.
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