Cuba Central Bank Tightens Grip on Financial Operations and...

What Happened

The Central Bank of Cuba has issued new regulations to strengthen control over financial, commercial, and digital operations within the country. These measures apply to both resident citizens and established legal entities on the island.

The new rules were published in an extraordinary edition of the Official Gazette of the Republic of Cuba on May 12, 2026, through Resolution 45/2026, signed by the Minister-President of the Central Bank, Juana Lilia Delgado Portal.

Where and When

The official publication occurred on May 12, 2026, with the resolution dated April 22, 2026, and signed in Havana. The regulations aim to enhance oversight of various economic activities conducted within Cuban territory.

These dispositions draw upon existing legal frameworks, including Decree-Law 317 concerning the prevention of money laundering, terrorism financing, and the proliferation of weapons of mass destruction, as well as Decree-Law 361, which defines the functions of the Central Bank.

Why It Matters

This move signifies an intensified effort by the Cuban government to regulate financial flows and combat illicit activities, particularly terrorism financing. It expands the supervisory reach of the Central Bank over a wider array of transactions.

The regulations are designed to prevent funds from being associated with individuals or entities on national or international terrorism lists, thus bolstering compliance with global financial security standards and managing internal risks.

What the Parties Say

The Central Bank has highlighted the risk of individuals or entities managing funds linked to sanctioned persons. The resolution mandates the immediate suspension of suspicious operations and requires prompt reporting to the Directorate General of Financial Operations Investigation.

It also introduces immediate asset freezing for designated individuals or entities without prior notification and prohibits the transfer of funds or services to sanctioned parties, unless internationally authorized.

What Comes Next

The Central Bank will implement these measures, emphasizing the obligation for immediate reporting and freezing of assets in suspicious cases. Non-compliance could lead to administrative, penal, or civil sanctions.

Furthermore, the resolution mandates the development of training and communication programs for citizens and entities to educate them on risk indicators, best practices, and the procedural requirements under the new financial obligations.