Inactive Financial Institution Letters
Foreign Assets Control
Cuban Assets Control Regulations
March 2, 2005
The Department of the
Treasurys Office of Foreign Assets Control has amended the Cuban Assets
Control Regulations regarding authorized sales of agricultural exports to Cuba.
- On February 22, 2005, the Department of the Treasurys Office of
Foreign Assets Control (OFAC) amended the Cuban Assets Control
Regulations regarding authorized sales of agricultural exports to Cuba.
- 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 means that payment
is received by the seller or the sellers 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.
- In addition, OFAC is providing a general license authorizing the
processing of payments received for Department of 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.
- OFAC has asked that we distribute the information to all
FDIC-supervised institutions to ensure that they are familiar with the
- OFAC information also may be found on the Internet at https://home.treasury.gov/policy-issues/office-of-foreign-assets-control-sanctions-programs-and-information/.
- Please distribute this information to the appropriate personnel in your
- For further information about Executive Orders, the list of blocked
accounts or the procedures to block accounts, please call OFACs
Compliance Programs Division at
FDIC-Supervised Banks (Commercial and Savings)
Chief Executive Officer
BSA Compliance Officer
Foreign Assets Control
February 25, 2005, Federal Register, pages 9225-9226 - PDF 56k
Financial Analyst, Debra L. Novak at
SASFIL@FDIC.gov or (202) 898-3673
Financial Institution Letters (FILs) may be accessed from the FDIC's Web
site at www.fdic.gov/news/news/financial/2005/index.html.
To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html.
Paper copies of FDIC FILs may be obtained through the FDIC's Public
Information Center, 801 17th Street, NW, Room 100, Washington, DC 20434
(1-877-275-3342 or (703) 562-2200).