March 12, 1996
TO: INTERNATIONAL COMMITTEE No. 8-96
RE: CUBAN LIBERTY AND DEMOCRATIC SOLIDARITY ACT OF 1996 ENACTED
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The Cuban Liberty and Democratic Solidarity Act of 1996, passed last week by the Congress and
signed by the President today, provides that any person who traffics in property confiscated by the Cuban
government shall be liable for money damages to any US national who owns a claim to such property.
The Act defines "traffics" to include knowingly and intentionally disposing of or holding an interest in
confiscated property or profiting from trafficking by another person. The term specifically does not
include "the trading or holding of securities publicly traded or held." Other provisions of the Act
provide that no loan, credit or financing may be extended knowingly by a US national for the purpose of
financing transactions involving any confiscated property. Attached is a copy of the Act.
We will keep you advised of developments.
Mary S. Podesta
Associate Counsel - International
Attachment