In order to protect the international financial system from money laundering and terrorist financing, the Financial Action Task Force (FATF) has published its yearly list of countries with strategic deficiencies regarding anti-money laundering and combating the financing of terrorism (AML/CFT).
According to the FATF:
Cuba has not committed to the AML/CFT international standards, nor has it constructively directly engaged with the FATF. At the same time, Cuba attended a GAFISUD plenary as a guest and prepared an informal document on its AML/CFT regime. The FATF has identified Cuba as having strategic AML/CFT deficiencies that pose a risk to the international financial system. The FATF urges Cuba to develop an AML/CFT regime in line with international standards, and encourages Cuba to establish a constructive and direct dialogue with the FATF and is ready to work with the Cuban authorities to this end.
Banking in Cuba http://bankingin.com/cuba.HTML
"COUNTRY RISK REMAINS HIGH FOR CUBA
The Havana closed non-jury trial of Canadian businessman Sarkis Yacoubian has concluded after two days of hearings that will surely be regarded as a travesty of justice; a judgment is expected at the Peoples' Tribunal for Havana Province shortly. Mr. Yacoubian could receive as much as twelve years on corruption charges. The fact that he was the whistle blower of major institutional governmental corruption notwithstanding, he will be spending a substantial amount of time in one of Cuba's notorious prisons. Apparently, the embarrassing exposure of corruption will result in conviction of the messenger.
Since his arrest, several foreign business executives, as well as government officials, and leaders of state-controlled corporation have been detained. Inasmuch as bribes and kickbacks are required to open, and maintain, any foreign-owned business in Communist Cuba, you can expect the current purge, of officials as well as the foreign businessmen who paid them, to be extensive, and dangerous to foreign investors, businessmen and professionals.
Investing in Cuba, for foreign individuals and entities, appears to be out of the question at this time; keep your Country Risk for Cuba at the highest level, which strongly discourages investment, any banking relationships, and any expenditure of significant amounts of capital.
According to the FATF:
Cuba has not committed to the AML/CFT international standards, nor has it constructively directly engaged with the FATF. At the same time, Cuba attended a GAFISUD plenary as a guest and prepared an informal document on its AML/CFT regime. The FATF has identified Cuba as having strategic AML/CFT deficiencies that pose a risk to the international financial system. The FATF urges Cuba to develop an AML/CFT regime in line with international standards, and encourages Cuba to establish a constructive and direct dialogue with the FATF and is ready to work with the Cuban authorities to this end.
Banking in Cuba http://bankingin.com/cuba.HTML
"COUNTRY RISK REMAINS HIGH FOR CUBA
The Havana closed non-jury trial of Canadian businessman Sarkis Yacoubian has concluded after two days of hearings that will surely be regarded as a travesty of justice; a judgment is expected at the Peoples' Tribunal for Havana Province shortly. Mr. Yacoubian could receive as much as twelve years on corruption charges. The fact that he was the whistle blower of major institutional governmental corruption notwithstanding, he will be spending a substantial amount of time in one of Cuba's notorious prisons. Apparently, the embarrassing exposure of corruption will result in conviction of the messenger.
Since his arrest, several foreign business executives, as well as government officials, and leaders of state-controlled corporation have been detained. Inasmuch as bribes and kickbacks are required to open, and maintain, any foreign-owned business in Communist Cuba, you can expect the current purge, of officials as well as the foreign businessmen who paid them, to be extensive, and dangerous to foreign investors, businessmen and professionals.
Investing in Cuba, for foreign individuals and entities, appears to be out of the question at this time; keep your Country Risk for Cuba at the highest level, which strongly discourages investment, any banking relationships, and any expenditure of significant amounts of capital.
