It is reported that a Palm Beach County yacht broker received a license issued by the U.S. Office of Foreign Assets Control ("OFAC") to operate a 78-foot yacht between the United States and Cuba. Paul Madden, a longtime luxury yacht broker with Paul Madden Associates LLC, reportedly received the license on July 1 and the vessel is already scheduled to carry and documentary filmmaker and a Wall Street Journal reporter, along with other passengers. As previously reported in my blog, several other vessel operators have received OFAC licenses to operate to Cuba, including Carnival Cruise Lines. Cruise and ferry companies have applied for government licenses to sail to Cuba since the Obama administration restored diplomatic ties with Cuba and loosened rules for U.S. travel to the island. Carnival is the first cruise line to obtain a license, which plans to start service in May. But the 78-foot yacht will reportedly be the fir...
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