Cuba Sanctions Shift Puts Foreign Cos. In OFAC's Crosshairs
· WOWERI
A recent executive order marks a significant shift for foreign companies dealing with Cuba, as their existing protocols no longer protect them from OFAC's secondary sanctions.
Introduction
A recent executive order signed by the US government marks a significant shift for foreign companies dealing with Cuba. According to experts, such companies are now in the crosshairs of the Office of Foreign Assets Control (OFAC), as their existing protocols no longer protect them from secondary sanctions.
Consequences for foreign companies
Foreign companies dealing with Cuba must be aware that their actions may now be considered a violation of US sanctions. This can lead to serious consequences, including fines and other penalties.
What to do
Foreign companies are advised to review their protocols and take necessary measures to comply with US sanctions.
What to do next
Source: law360.com