WASHINGTON/HAVANA — The U.S. Treasury Department on Tuesday announced regulatory changes to allow more American financial support for Cuba’s nascent private sector and bolster access to U.S.
internet-based services, limited but timely measures that officials said would help give the island’s budding small businesses a leg up. The United States said it would permit small entrepreneurs on the Communist-run island to open and access U.S. bank accounts from Cuba for the first time in decades, following prohibitions put in place shortly after Fidel Castro’s 1959 revolution. The measures would also allow Cuban entrepreneurs to use U.S.
“This would make a mockery of American law, considering no progress has been made toward freedom on the Island and repression has intensified.” OPEN FOR BUSINESS Cuba has long blamed the embargo — a tangled web of U.S. laws and regulations that complicates financial transactions by the Cuban government — for decades of economic crisis that have left it with little choice recently but to open its economy to small private business.
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