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Thursday, February 24, 2005

OFAC Amends Cuban Assets Control Regulations

From OFAC is this release:

OFAC has amended the Cuban Assets Control Regulations to clarify that, in connection with authorized sales of agricultural exports to Cuba, the term “payment of cash in advance” (PDF) means that payment is received by the seller or the seller’s agent prior to shipment of the goods from the U.S. port at which they are loaded. This conforms to the common understanding of the term in international trade finance. A general license is included authorizing the processing of payments received for Commerce-approved agricultural exports to Cuba that are shipped prior to receipt of payment for a limited time. The general license only applies when the goods are shipped from the port at which they are loaded on or before March 24, 2005 and also requires that payment must be received by a U.S. banking institution on or before March 24, 2005 and prior to transfer of title to, and control of, the goods to the Cuban purchaser.


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