Cuba Country Summary
Sanctions
US
FATF AML Deficient List
No
Terrorism
Corruption
US State ML Assessment
Criminal Markets (GI Index)
EU Tax Blacklist
Offshore Finance Center
Please note that although the below Summary will give a general outline of the AML risks associated with the jurisdiction, if you are a Regulated entity then you may need to demonstrate that your Jurisdictional AML risk assessment has included a full assessment of the risk elements that have been identified as underpinning overall Country AML risk. To satisfy these requirements, we would recommend that you use our Subscription area.
If you would like a demo of our Subscription area, please reserve a day/time that suits you best using this link, or you may Contact Us for further information.
Anti Money Laundering
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.
Sanctions
Cuba, as a UN member, must adhere to sanctions imposed by the United Nations, which are designed to maintain international peace and security. Since 1966, the UN Security Council has established 31 sanctions regimes, which include various measures like economic sanctions and arms embargoes, with a focus on respecting the rights of those affected. Currently, there are 15 ongoing sanctions regimes addressing issues such as political conflicts and counter-terrorism.
In addition to UN sanctions, the U.S. has imposed its own sanctions on Cuba through the Cuban Assets Control Regulations since 1963, which restricts exports and imports. Recent changes to the U.S. sanction regime were announced on May 16, 2022, reflecting ongoing adjustments in policy.
Bribery & Corruption
| Rating | 0 (bad) - 100 (good) |
|---|---|
| Transparency International Corruption Index | 42 |
| World Bank: Control of Corruption Percentile Rank | 52 |
Economy
Cuba has a largely state-run planned economy that has seen a gradual increase in privatization, primarily driven by tourism, skilled labor exports, and the production of sugar, tobacco, and coffee. Despite notable achievements in literacy and healthcare, the country faces significant economic challenges, including high poverty rates and the adverse effects of the U.S. embargo, which have hindered recent economic reforms aimed at improving food security and the availability of basic goods.
The investment climate in Cuba is marked by a combination of state control and growing opportunities for foreign investment, especially in the tourism and healthcare sectors. However, potential investors face significant challenges due to bureaucratic hurdles, a lack of transparency, and the dominant influence of the Communist Party. Recent reforms have permitted more private sector participation, but the economy remains heavily regulated, complicating the overall investment landscape.
Buy Full Cuba Report
$125 one time payment
- Risk Analysis
- Corruption
- Economy
- Sanctions
- Narcotics
- Executive Summaries
- Investment Climates
- FATF Status
- Compliance
- Key Findings
