1/20/2015
MIAMI – Banks in Florida with overseas operations are looking at potential opportunities created by the U.S. government’s easing of the economic embargo against Cuba.
David Schwartz, president and CEO of the Florida International Bankers Association, or FIBA, told Efe the “historical moment in the relationship between the United States and Cuba” merits “a deep analysis” of the measures outlined last week by the Treasury Department.
Schwartz does not expect to see much movement immediately, as banks must be cautious about the compliance aspects of the new rules, though the changes will be felt sooner by the Cuban community in the United States.
“Right now, I would say the major impact is on travel, financial services, telecommunications and exports to the Cuban private sector,” he said.
He pointed out that the new guidelines increased from $500 to $2,000 the limit on quarterly remittances from Cubans in the United States to their families back home, and that authorized travelers will be allowed to carry up to $10,000 in remittances to the island.
“Definitely, Cubans on the island will see the impact of an increase in quarterly family remittances and those by travelers,” Schwartz said.
Florida banks see in the easing of the five-decade-old U.S. embargo a “door to evolution and opening” that will help Cubans access new telecommunication technologies and systems for the use of debit and credit cards “as long as you work with the Cuban government,” Schwartz said.
“We are barely beginning to examine the revised sanctions, now we need to understand the process and understand what the regulatory environment will be in Cuba,” FIBA’s president said.
The Treasury and Commerce departments released the updated rules almost a month after President Barack Obama announced on Dec. 17 first steps to normalize relations with Cuba after more than half a century of estrangement.
Next week, the assistant secretary of State for Western Hemisphere Affairs, Roberta Jackson, will travel to Cuba becoming the highest-ranking serving U.S. official to visit Cuba since before the 1959 revolution.
source
MIAMI – Banks in Florida with overseas operations are looking at potential opportunities created by the U.S. government’s easing of the economic embargo against Cuba.David Schwartz, president and CEO of the Florida International Bankers Association, or FIBA, told Efe the “historical moment in the relationship between the United States and Cuba” merits “a deep analysis” of the measures outlined last week by the Treasury Department.
Schwartz does not expect to see much movement immediately, as banks must be cautious about the compliance aspects of the new rules, though the changes will be felt sooner by the Cuban community in the United States.
“Right now, I would say the major impact is on travel, financial services, telecommunications and exports to the Cuban private sector,” he said.
He pointed out that the new guidelines increased from $500 to $2,000 the limit on quarterly remittances from Cubans in the United States to their families back home, and that authorized travelers will be allowed to carry up to $10,000 in remittances to the island.
“Definitely, Cubans on the island will see the impact of an increase in quarterly family remittances and those by travelers,” Schwartz said.
Florida banks see in the easing of the five-decade-old U.S. embargo a “door to evolution and opening” that will help Cubans access new telecommunication technologies and systems for the use of debit and credit cards “as long as you work with the Cuban government,” Schwartz said.
“We are barely beginning to examine the revised sanctions, now we need to understand the process and understand what the regulatory environment will be in Cuba,” FIBA’s president said.
The Treasury and Commerce departments released the updated rules almost a month after President Barack Obama announced on Dec. 17 first steps to normalize relations with Cuba after more than half a century of estrangement.
Next week, the assistant secretary of State for Western Hemisphere Affairs, Roberta Jackson, will travel to Cuba becoming the highest-ranking serving U.S. official to visit Cuba since before the 1959 revolution.
source
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