US opens up banking to private Cuban businesses to boost small firms
Al Jazeera
The measures allow independent entrepreneurs to open and access US bank accounts online to support their businesses.
The United States has lifted some financial restrictions against Cuba, in a move designed to boost private businesses on the island.
The measures, announced on Tuesday, will allow independent entrepreneurs to open and access US bank accounts online to support their businesses. Other measures include steps to open up more internet-based services and expand private companies’ ability to use certain financial transactions.
“These regulatory amendments update and clarify authorizations in support of internet-based services to promote internet freedom in Cuba, support independent Cuban private sector entrepreneurs, and expand access to certain financial services for the Cuban people,” the US Department of the Treasury said in a news release.
One of the key changes would allow Cuban private business owners to open bank accounts in the US and then access them online once back in Cuba — something they couldn’t do previously. The US also is again allowing something called U-turn transactions, where money is transferred from one country to another but is routed through the US.
“This reinstated authorization is intended to help the Cuban people, including independent private sector entrepreneurs, by facilitating remittances and payments for transactions in the Cuban private sector,” the release said.
