Cuba Strengthens Mechanisms to Prevent Financial Crimes

Cuba has strengthened its mechanisms to prevent financial crimes through Resolution 86 of the Ministry of Finance and Prices, which was published today in Official Gazette number 37.

The legislation establishes an updated procedure for the attention, supervision, and control of bookkeeping activities as part of the national system for the prevention and confrontation of money laundering, terrorist financing, and the proliferation of weapons of mass destruction.

In explaining the scope of the regulation, which takes effect this Wednesday, the Deputy Minister of Finance and Prices, Yenisley Ortiz Mantecón, specified that it involves the refinement of a procedure in place since 2020, according to local press reports.

The procedure was expanded to incorporate new economic actors and to reinforce requirements in accordance with international standards, particularly those assumed by Cuba as a member of the Financial Action Task Force of Latin America (GAFILAT), created to prevent and combat these scourges.

In Cuba, more than 1,300 bookkeepers are identified as self-employed workers, joined by 146 private MSMEs (micro, small, and medium-sized enterprises) and seven non-agricultural cooperatives engaged in this activity, in addition to Local Development Projects incorporated under the new regulations.

The provision responds to the need to strengthen the legal and institutional framework created by Decree-Law 317, which since 2013 has regulated the prevention and confrontation of these crimes. It is integrated into public policies aimed at reducing illegalities, corruption, and social indiscipline as part of the Government's Economic and Social Program.

The regulation also establishes a prohibition on providing services to individuals or entities included in national or international lists linked to terrorism, in accordance with the resolutions of the United Nations Security Council.

According to the official, the update of the procedure strengthens the country's capacity to identify and mitigate risks while increasing transparency in economic activity and protecting the integrity of the financial system.

The implementation of this resolution will be accompanied by a national training program with the participation of local governments, which will allow for its uniform application and contribute to a better performance by economic actors in fulfilling their obligations.