Members whose trade involves Venezuela should be aware that OFAC has recently added to the SDN list four ship owning companies and nine vessels.

In October 2016 the U.S. Treasury, Office of Foreign Assets Control ("OFAC") announced further amendments to the Cuban Asset Control Regulations ("CACR"), which restrict the scope of the application of the "180 day rule," by permitting ships to carry a wider range of cargos to be imported to Cuba from third countries without their being subject to the '180 day rule'.

Read the latest advice from Reed Smith on the amendments to the 180-day rule which concern the U.S Sanctions regime and Cuba.

The Cuban Asset Control Regulations ("CACR") were amended in January 2015. Further amendments were recently announced by the Treasury Department's Office of Foreign Asset Control ("OFAC") and went into effect on September 21, 2015.