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On April 29, Cuba issued a resolution to strengthen mechanisms to prevent financial crime, enhance transparency in economic activity, and protect the integrity of the financial system.
On April 29, the Cuban government issued a resolution to strengthen mechanisms to prevent financial crime, thereby establishing an updated procedure for monitoring and controlling accounting activities. This is part of the national system for anti-money laundering, countering the financing of terrorism, and the proliferation of weapons of mass destruction.
According to a TTXVN correspondent in Havana, Deputy Minister of Finance and Prices, Yenisley Ortiz Mantecón, said the new regulation is an improvement over the regulation implemented since 2020. The updated legal text expands the range of economic actors covered and enhances requirements in line with international standards, particularly those Cuba has applied as a member of the Latin American Financial Action Task Force (GAFILAT).
In Cuba, the regulation references accounting activities carried out by:
The measure is intended to strengthen the legal and institutional framework under Decree-Law 317 on the prevention of various financial crimes enacted in 2013. It is also described as part of government policy to reduce illicit conduct, corruption, and violations of social discipline within the Government's Economic and Social Program.
The new regulations also prohibit providing services to individuals or organizations named on national or international terrorist lists, in line with United Nations Security Council resolutions.
Deputy Minister Yenisley Ortiz Mantecón said updating the legal text will strengthen Cuba's ability to identify and mitigate risk, while increasing transparency in economic activity and protecting the integrity of the financial system.
Implementation of the resolution will be accompanied by a national training program involving local authorities to support uniform application and improve the effectiveness of economic actors in fulfilling their duties.
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