Recent OFAC Actions
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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 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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