Sanctions Work and Bank Compliance Is Keeping Miami Lawyers Busy

Miami international business attorney Aymee Valdivia was quoted in a Daily Business Review article discussing the increasing demand for legal guidance as the U.S. and Canada intensify sanctions enforcement. The article highlights the recent easing of certain restrictions against Cuba by the U.S. Office of Foreign Assets Control (OFAC), aimed at supporting private entrepreneurs and facilitating access to U.S. banks. However, despite these loosened constraints, challenges persist, and financial institutions remain hesitant to expose themselves to potential risks by working with Cuban businesses. Ms. Valdivia said she hopes that OFAC will provide clear guidance to banks on compliance requirements, thereby facilitating the integration of Cuban entities into the U.S. banking system. While the decision to engage with Cuba ultimately rests with the banks themselves, lawyers continue to collaborate with OFAC to ensure the rules are as transparent as possible.

"The Cuba market is not yet as relevant for the banks to compensate for all the compliance that they need to have," she explained.

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