Cuba Makes Strides in Combatting Money Laundering, Advances in Compliance

Havana

In a significant development, Cuba has been re-rated for its efforts in addressing technical compliance deficiencies in the country’s anti-money laundering (AML) and combating the financing of terrorism (CFT) measures. According to sources, the Caribbean nation has made substantial progress in implementing recommendations outlined in its 2015 Mutual Evaluation Report (MER) and subsequent 2017 Follow-up Report (FUR).

Progress Made

The following recommendations have been upgraded or improved:

• Recommendation 28: Previously partially compliant, now fully compliant
• Recommendation 31: Previously partially compliant, now fully compliant
• Recommendation 35: Improved from partially compliant to largely compliant

On the other hand, Recommendation 15 has been downgraded from initially compliant to partially compliant.

Monitoring and Reporting

Cuba’s progress in strengthening its AML/CFT measures will be closely monitored as part of the regular follow-up process. The country will continue to report to the Financial Action Task Force (FATF) on the progress made in implementing these measures, aimed at combating money laundering and terrorist financing.

By improving its AML/CFT measures, Cuba demonstrates its commitment to preventing financial crimes and maintaining a safe and stable financial system. This development is expected to have positive implications for the country’s economic relations with other nations and international organizations.