Cuban Assets Control Regulations

The Cuban Assets Control Regulations (CACR), 31 CFR 515, are a set of federal regulations that serve as the primary enforcement mechanism of the United States embargo against Cuba. They impose restrictions on economic activity between the United States and Cuba, deriving legislative authority from the Trading with the Enemy Act of 1917. The regulations were enacted by U.S. President John F. Kennedy on July 8, 1963, following the prior year's Cuban Missile Crisis. The U.S. government has expanded these regulations in the 21st century due to evolving geopolitical issues between the two nations. Within the Treasury Department, the Office of Foreign Assets Control (OFAC) administers and enforces these economic sanctions. The OFAC has the authority to regulate and amend the CACR to be consistent with the policies and goals of the executive administration.

Broadly, the regulations prohibit any person subject to U.S. jurisdiction from dealing in any property in which Cuba or a Cuban national has an interest. All property of Cuba and Cuban nationals in the possession or control of persons subject to U.S. jurisdiction is "blocked." Payments, transfers, withdrawals, or other dealings are prohibited. The CACR prohibits all transactions dealing with property in which Cuba has any interest in whatsoever, direct or indirect. OFAC has broad authority to interpret these "trade" regulations to cover not just standard trade, but also to extend to travel-related expenditures that effectively make it illegal for an individual to travel to Cuba. The President has broad discretion to establish such categories and limitations on travel to Cuba. Through this codification only Congress retains the power to fully remove the embargo. The U.S. government passed the Helms–Burton Act in 1996, formally codifying the regulations such that only the United States Congress can fully lift the embargo.