OFAC revokes so-called U-turn authorization for Cuba-related financial transactions
OFAC published a final rule that modifies the Cuban Assets Control Regulations to revoke the so-called "U-turn" authorization.
On December 21, 2017, a “Constitutional Law” was enacted by the National Constituent Assembly that created the sanctioning tax unit, as published in Official Gazette No. 41,305.
The sanctioning tax unit shall be used exclusively for the purposes of establishing the value of those penalties (fines) set forth in the relevant legal instruments that are calculated in tax units.
The Executive Branch must establish the value of the sanctioning tax unit and adjust it each year at the beginning of February in accordance with the variation in the consumer price index of the Caracas Metropolitan Area of the immediate previous year, after hearing the opinion of the ministry in charge of citizen security, the Supreme Court of Justice and the Citizens' Branch.
The Executive Branch will still adjust the value of the ordinary tax unit on the same date.
The “Constitutional Law” on the creation of the sanctioning tax unit entered into force after being published in the Official Gazette, namely, after December 21, 2017.
On 5 September 2019, Professor John McMillan AO’s Final Report (Report) on the operation of the Narcotic Drugs Act 1967 (ND Act) was tabled in Parliament. Section 26A of the ND Act required the Minster to cause a review of the operation of the ND Act to be undertaken.