Cuba Country Summary

FATF Status

Cuba is not on the FATF List of Countries that have been identified as having strategic AML deficiencies

Compliance with FATF Recommendations

The latest follow-up Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Cuba was undertaken in 2024. According to that Evaluation, Cuba was deemed Compliant for 19 and Largely Compliant for 20 of the FATF 40 Recommendations. It remains Highly Effective for 0 and Substantially Effective for 5 of the Effectiveness ratings.

Cuba faces significant challenges related to crime and corruption, particularly in human trafficking, black market activities, and financial crimes, driven by systemic issues within its governance and economy. The prevalence of organized crime, including human trafficking for sex and labor exploitation, is exacerbated by state supply chain weaknesses and a lack of effective anti-corruption measures, leading to a landscape where both private and state actors engage in illicit activities with relative impunity.

Cuba's economy is predominantly state-run and planned, with recent constitutional changes indicating a shift towards increased privatization. The economy heavily relies on tourism, skilled labor exports, and key commodities such as sugar and tobacco, yet it grapples with significant challenges including widespread poverty and shortages of essential goods. While the government has initiated reforms to attract foreign investment, particularly in tourism and agriculture, bureaucratic obstacles and the U.S. embargo continue to hinder substantial economic growth and investment opportunities.