US limits amount of money that Americans can send to Cuba
Source: Associated Press
US limits amount of money that Americans can send to Cuba
By MATTHEW LEE
September 6, 2019
WASHINGTON (AP) The Trump administration toughened sanctions against Cuba on Friday by reducing the amount of money that Cuban-Americans can send to family members on the island.
Changes announced by the Treasury Department will limit remittances to $1,000 per person per quarter when they take effect on Oct. 9. The new rules also will no longer allow transfers of money to nonfamily members.
We are taking additional steps to financially isolate the Cuban regime, Treasury Secretary Steven Mnuchin said in a statement. Through these regulatory amendments, Treasury is denying Cuba access to hard currency, and we are curbing the Cuban governments bad behavior while continuing to support the long-suffering people of Cuba.
The Obama administration removed limits on family remittances in 2009 as it took steps to restore diplomatic relations with Cuba and later ended restrictions on transfers to nonfamily members. Such remittances totaled some $3 billion in 2016.
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