Attorney General Moody urges Biden administration to stop continued support of Cuba’s communist interests
May 30, 2024
TALLAHASSEE, Fla.—Attorney General Ashley Moody is urging the Biden administration to cease its support for Cuba’s communist interests. The U.S. Department of the Treasury’s Office of Foreign Assets Control Regulations, as directed by President Biden, recently made regulatory amendments to the Cuban Assets Control Regulations (CACR). These amendments include authorizing Cuban nationals who are independent private sector entrepreneurs to open and use U.S. bank accounts and reinstating ‘U-Turn’ transactions.
Attorney General Moody contends that these changes contradict reasoned opposition and common sense. She stated, “President Biden continues to be manipulated by the Castro regime, and now for the first time in over 60 years, the U.S. will open its banking institutions to those who may bolster or be affiliated with the Communist dictatorship. These ill-thought-out amendments will likely do little to help the suffering of the Cuban people and will only strengthen those bad actors who keep the Cuban people oppressed.”
Last year, although considered by the Biden administration, these CACR amendments were not implemented due to opposition from Congress and the Cuban-American community. Opponents emphasized that there is no legitimate free enterprise in communist Cuba and that private enterprises in Cuba are owned or controlled by individuals with ties to Cuba’s totalitarian regime. The Western Hemisphere Subcommittee of the U.S. House Foreign Affairs Committee held a congressional hearing in January exploring how deeply Cuban private businesses are tied to Cuba’s regime.
Despite these concerns, Attorney General Moody asserts that "the Biden administration has since inexplicably ignored these concerns and moved forward with the CACR amendments." In a letter addressed to U.S. Treasury Secretary Janet Yellen, she argues that these amendments “could potentially allow for businesses owned or controlled by relatives or associates of communist regime members to open bank accounts and infiltrate the American market by masquerading as ‘independent private sector entrepreneurs.’ Further, permitting U-turn transactions allows for more money to flow into communist Cuba and could make U.S. banking institutions a shiny new destination for those looking to launder money to or from Cuba.”
To read Attorney General Moody's full letter, click here.
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