In a bold move that has sparked widespread debate, the Biden administration has recently made significant amendments to the Cuban Assets Control Regulations (CACR), a move that has drawn the ire of Florida Attorney General Ashley Moody.
Moody, known for her unwavering stance on issues impacting the state of Florida, has firmly voiced her opposition to these changes, arguing that they could potentially bolster Cuba’s communist regime and undermine the interests of the Cuban-American community.
“President Biden continues to be manipulated by the Castro regime, and now for the first time in over 60 years, the U.S. will open its banking institutions to those who may bolster or be affiliated with the Communist dictatorship. These ill-thought-out amendments will likely do little to help the suffering of the Cuban people and will only strengthen those bad actors who keep the Cuban people oppressed,” said Moody.
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The CACR amendments, as directed by the Biden administration, have introduced several significant changes to the existing regulations.
These include authorizing Cuban nationals who are independent private sector entrepreneurs to open and use U.S. bank accounts, as well as reinstating ‘U-Turn’ transactions. Attorney General Moody has argued that these changes could potentially allow businesses owned or controlled by relatives or associates of the communist regime to infiltrate the American market, masquerading as ‘independent private sector entrepreneurs.’
The primary concern is that the CACR amendments will do little to alleviate the suffering of the Cuban people and will instead serve to strengthen the grip of the communist dictatorship.
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Moody contends that there is no legitimate free enterprise in communist Cuba, and that private enterprises are often owned or controlled by individuals with ties to the regime. The attorney general has emphasized that these changes fly in the face of reasoned opposition and common sense, and could potentially make U.S. banking institutions a prime destination for money laundering activities.
Moody’s stance is not an isolated one; it is shared by a broader coalition of individuals and groups, including members of Congress and the Cuban-American community.
Last year, the Biden administration had considered but ultimately did not implement the CACR amendments, citing the opposition it received. The Western Hemisphere Subcommittee of the U.S. House Foreign Affairs Committee even held a congressional hearing in January that explored the extent to which Cuban private businesses are tied to the regime.
In response to the Biden administration’s decision to move forward with the CACR amendments, Attorney General Moody has penned a strongly worded letter to U.S. Treasury Secretary Janet Yellen. In this letter, Moody argues that the changes could potentially allow for businesses owned or controlled by relatives or associates of communist regime members to open bank accounts and infiltrate the American market.
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She also expresses concerns that the permitting of U-turn transactions could facilitate increased money flow into communist Cuba, making U.S. banking institutions a prime target for money laundering activities.
As the home to a significant Cuban-American population, Florida has a vested interest in the outcome of this debate. Moody’s staunch opposition to the CACR amendments reflects the concerns of this community, who have long advocated for a hardline stance against the Cuban regime.
The attorney general’s actions also have broader implications, as they underscore the ongoing tensions between the federal government and state-level officials on matters of foreign policy and national security.
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