Cuba Adopts Regulations Against Money Laundering and Terrorist Financing

As explained in a prior post, one of the purported bases for the recent U.S. re-designation of Cuba as a “State Sponsor of Terrorism” was its having “strategic anti-money laundering/combating the financing of terrorism deficiencies” in 2012.

The speciousness and unfairness of this charge was rebutted by the international agency in charge of such matters, the Financial Action Task Force (FATF), which has announced that last year Cuba had joined the Financial Action Task Force on Money Laundering in South America (GAFISUD)) and  that Cuba had “developed an action plan with the FATF” with “written high-level political commitment to address the identified deficiencies.”

This past week even this weak U.S. assertion should be thrown in the trash can where it belongs.

The reason?  Last week Cuba’s Central Bank apparently adopted regulations to detect money laundering, terrorist financing and illicit capital movements.

The regulations require Cuban and foreign banks to adopt measures to control financial transactions “to prevent them from being used or involved in operations with illegal proceeds , or to finance terrorism and weapons proliferation.”

These new regulations have not yet been posted to the official website of the Cuban Central Bank.

 

 

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dwkcommentaries

As a retired lawyer and adjunct law professor, Duane W. Krohnke has developed strong interests in U.S. and international law, politics and history. He also is a Christian and an active member of Minneapolis’ Westminster Presbyterian Church. His blog draws from these and other interests. He delights in the writing freedom of blogging that does not follow a preordained logical structure. The ex post facto logical organization of the posts and comments is set forth in the continually being revised “List of Posts and Comments–Topical” in the Pages section on the right side of the blog.

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