OFAC clarifies Cuba trade rules

OFAC clarifies Cuba trade rules    The U.S. Treasury Department’s Office of Foreign Assets Control has clarified its rules for trade with Cuba.
   OFAC said in a statement Friday that U.S. sellers or their agents are allowed to settle accounts for overpayment by the buyer, in line with “standard shipping tolerances.”
   The agency also confirmed that under cash in advance, goods may be shipped once the seller or the seller’s agent receives payment from Cuba. “The agent may be anyone legally designated by the seller to receive payment for the seller’s goods, including a third country financial institution,” OFAC said.
   In February, OFAC caused an uproar in the industry and among some lawmakers on Capitol Hill by requiring exporters themselves to receive payment from Cuban buyers before their goods were shipped to Cuba.