U.S. Treasury Eases Financial Restrictions on Cuban Entrepreneurs

The U.S. Treasury Department announced regulatory changes to support small private businesses in Cuba. These include allowing Cuban entrepreneurs to open U.S. bank accounts and reinstating 'U-turn transactions,' which enable fund transfers that start and end outside the U.S.

The Treasury Department on Tuesday announced a series of regulatory changes to allow more U.S. financial support for small private businesses in Cuba, bolster internet-based services on the island and expand the Cuban people's access to certain financial services.

The United States will allow small entrepreneurs on the Communist-ruled island to open U.S. bank accounts and also reinstates authorization for so-called "U-turn transactions," fund transfers that originate and terminate outside the U.S., Treasury said in a statement.