Trump Ends Obama-Era Leniency On Cuba Remittances

President Donald Trump’s administration has clamped down on the provision of remittances to Cuba, as well as payments involving the country made through U.S. correspondent banks.

The measures, published in the Federal Register on Monday but announced in April, put a pin in brief hopes that the thawing of relations between Havana and Washington under former president Barack Obama would drive a boom in money transfers.

Under the restrictions, which come into effect from October 9, an individual subject to U.S. jurisdiction will only be allowed to remit a total of $1,000 per quarter to an immediate family member in Cuba.

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