The Laws and Legal System of a Free-market Cuba: A Prospectus for Business

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Greenwood Publishing Group, 1997 - Business & Economics - 200 pages

The re-entry of foreign-based businesses into Cuba will require a complete overhaul of Cuba's laws and legal institutions. It will also require enactment of major new legislation there, designed to enable and facilitate modern business transactions. Travieso-Diaz identifies these necessary legal, political, and economic changes, integrating legal and economic concepts in a way that businesspeople can understand and use in determining when it will be safe for them to reestablish business ties with Cuba. An important, readable resource for corporate management and their academic colleagues specializing in international business, trade, and investment.

Using a practical, results-oriented approach, Travieso-Diaz organizes his book into three parts. In Part One, he discusses the specific political and economic changes that must occur and how U.S. policy must be modified to permit resumption of commerce between the two countries. Part Two covers the main legal concerns of a foreign business entity seeking to invest in Cuba, such as the resolution of property confiscation claims by U.S. and Cuban nationals, the enactment of a suitable foreign investment law, and the development of a program for the privatization of state-owned enterprises. Part Three surveys other legal issues important to foreign investors and to others who prefer trade with Cuba, rather than investment in it. Travieso-Diaz also provides checklists of changes that must occur in each area he covers--trade, investment, privatization--to provide business decisionmakers with a way of determining when it makes sense to enter the Cuban market. He also identifies the laws that the Cuban government must enact, and the most favorable form they should take, to encourage full participation from other nations.

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A Minimum Economic and Political Transition in Cuba
2 Repeal of United States Legislation Imposing a Trade Embargo Against Cuba
3 Changes to Cubas Legal Infrastructure
4 Resolution of Expropriation Claims Against Cuba
5 Foreign Investment Legislation
6 Privatization Program
7 Other TransitionPeriod Laws Relating to Foreign Investment and Privatization
8 Laws Regulating Cubas International Trade Transactions

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Page 36 - B. Investigate, regulate, direct and compel, nullify, void, prevent, or prohibit any acquisition, holding, withholding, use, transfer, withdrawal, transportation, Importation, or exportation of, or dealing in, or exercising any right, power, or privilege with respect to, or transactions involving, any property in which any foreign country or a national thereof has any interest...
Page 36 - President may require any person engaged in any transaction referred to in this subdivision to furnish under oath, complete information relative thereto, including the production of any books of account, contracts, letters or other papers, in connection therewith in the custody or control of such person, either before or after such transaction is completed.
Page 36 - President may, through any agency that he may designate, or otherwise, investigate, regulate, or prohibit, under such rules and regulations as he may prescribe, by means of licenses or otherwise, any transactions in foreign exchange, transfers of credit between or payments by banking institutions as defined by the President, and export, hoarding, melting, or earmarking of gold or silver coin or bullion or currency, by any person within the United States or any place subject to the jurisdiction thereof...
Page 36 - Act shall, upon conviction, be fined not more than $10,000, or, if a natural person, imprisoned for not more than ten years, or both ; and the officer, director, or agent of any corporation who knowingly participates in such violation shall be punished by a like fine, imprisonment, or both...
Page 36 - That the President may investigate, regulate, or prohibit, under such rules and regulations as he may prescribe, by means of licenses or otherwise, any transactions in foreign exchange, export or ear-markings of gold or silver coin or bullion or currency...
Page 36 - During the time of war or during any other period of national emergency declared by the President, the President may, through any agency that he may designate, or otherwise, and under such rules and regulations as he may prescribe, by means of...
Page 37 - International Emergency Economic Powers Act". SITUATIONS IN WHICH AUTHORITIES MAY BE EXERCISED Sec. 202." (a) Any authority granted to the President by section 203 may be exercised to deal with any unusual and extraordinary threat, which has its source in whole or substantial part outside the United States, to the national security, foreign policy, or economy of the United States, if the President declares a national emergency with respect to such threat.
Page 16 - As an additional means of implementing and carrying into effect the policy of the preceding sentence, the President is authorized to establish and maintain a total embargo upon all trade between the United States and Cuba.
Page 38 - The President shall adopt regulations and establish procedures to insure that United States foreign aid is not used in a manner which, contrary to the best interests of the United States, promotes or assists the foreign aid projects or activities of the Communist>bloc countries.
Page 18 - ... is showing respect for the basic civil liberties and human rights of the citizens of Cuba; 3.

About the author (1997)

MATIAS F. TRAVIESO-DIAZ is a partner in the Washington law firm of Shaw, Pittman, Potts, and Trowbridge. He concentrates on international matters and heads the firm's Cuban Project, an interdisciplinary effort to assess the legal and business issues that will emerge when Cuba becomes a free-market economy.

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