Financial Inclusion and Crime on the Rise in Cuba: A Progress Report

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Cuba’s efforts to promote financial inclusion and combat financial crime have made significant progress since its last evaluation by the Financial Action Task Force of Latin America (GAFILAT), a FATF-style regional body. According to a recent report, the island nation has taken notable strides in improving its compliance with international standards.

Key Highlights

• Cuba’s rating on Recommendation 7 improved from “largely compliant” to “compliant”, demonstrating the country’s commitment to enhancing its anti-money laundering and combating the financing of terrorism (AML/CFT) measures.
• The country currently stands at an impressive level, with:
  • 19 out of 40 FATF Recommendations rated as “compliant”
  • 19 as “largely compliant”
  • 2 as “partially compliant”
  • No “non-compliant” ratings, indicating a strong foundation for the financial system.

Impact on Financial Inclusion

These advancements are expected to have a positive impact on financial inclusion in Cuba, making it easier for citizens to access financial services. The report highlights the importance of continued efforts to address remaining gaps and challenges, ensuring that Cuba remains a secure and stable financial hub in the region.

In summary, while there is still work to be done, Cuba’s progress in promoting financial inclusion and combating financial crime demonstrates its commitment to strengthening its financial system and improving the lives of its citizens.