Cuba's Ministry of Finance and Prices updates anti-money laundering terrorist financing and proliferation financing rules for bookkeeping activities by self-employed workers and non-state entities

Cuba's Ministry of Finance and Prices has published an updated procedure for the supervision and control of bookkeeping activities within the framework for preventing and combating money laundering, terrorist financing, and proliferation financing. The measure applies to self-employed workers, micro, small and medium-sized enterprises, non-agricultural cooperatives, and local development projects that carry out bookkeeping activities, treating them as obliged entities for these purposes. Covered persons and entities must comply with relevant rules issued by central government and regulatory bodies, refuse services to clients included on international lists or Cuba's national list of persons and entities linked to terrorist actions, assess money laundering, terrorist financing, and proliferation financing risks in their bookkeeping activity, and submit suspicious transaction reports when client operations may be associated with those offences or other crimes. They must also keep the content of suspicious transaction reports confidential unless requested by a competent authority, retain relevant data and information for five years after the contractual relationship ends, and provide information and cooperate with competent authorities when required. The ministry said implementation will be supported by a national training programme for all relevant actors, coordinated with local governments to promote uniform application across the country.