Financial Crime World

Cuba Makes Significant Strides in Combating Financing of Terrorism Guidelines, Receives Improved Ratings

HAVANA - Cuba has made substantial progress in addressing technical compliance deficiencies identified in its 2015 Mutual Evaluation Report (MER) and subsequent 2017 Follow-Up Report (FUR), according to the latest assessments. As a result, the country has seen significant improvements in its ratings on key recommendations.

Advancements Achieved

The most notable advancements have been achieved in:

  • Recommendation 28: Previously classified as partially compliant, Cuba has now upgraded this recommendation to fully compliant.
  • Recommendation 31: Also previously classified as partially compliant, Cuba has now upgraded this recommendation to fully compliant.
  • Recommendation 35: Previously partially compliant, Cuba’s efforts have led to an improvement in this recommendation, which is now largely compliant.

Remaining Area for Improvement

One area where Cuba still requires further work is:

  • Recommendation 15: Despite making progress, Cuba has been downgraded from fully compliant to partially compliant. The country remains committed to continuing its regular follow-up process and reporting progress to the Financial Action Task Force (FATF) on its efforts to strengthen its implementation of anti-money laundering and combating the financing of terrorism (AML/CFT) measures.

International Recognition

The Cuban government’s commitment to addressing AML/CFT shortcomings has been acknowledged by international experts, who have praised the country’s significant strides in improving its financial regulations and laws. The continued cooperation between Cuba and FATF is expected to yield further improvements in the country’s AML/CFT framework, ultimately enhancing its ability to combat terrorist financing and other illicit activities.

Overall, Cuba’s efforts demonstrate a strong commitment to addressing technical compliance deficiencies and improving its AML/CFT framework. With continued cooperation and progress, the country is poised to enhance its effectiveness in combating terrorist financing and other illicit activities.