Sec. 5. Prohibition of financial transactions benefitting the Cuban regime
144 words·~1 min read·
/bill/118/s/538/is/section-5A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
No person subject to the jurisdiction of the United States may engage in a direct financial transaction, including electronic remittances, with any entity or subentity that the Secretary of State, in consultation with the Secretary of the Treasury, determines to be under the control of, or acting for or on behalf of, the Cuban military, intelligence, or security services or personnel with which direct financial transactions would disproportionately benefit such services or personnel at the expense of the Cuban people or private enterprise in Cuba.
It is the sense of Congress that the Secretary of the Treasury should expand and tighten sanctions programs to ensure beneficial ownership disclosure and material support clauses to penalize tax havens for entities used by sanctioned countries, as was recently disclosed in the OpenLux investigation of the Cuban military’s use of destinations such as Liechtenstein, Luxembourg, and Hong Kong.