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In recent years, the name of Cuba has repeatedly emerged in connection with international money laundering schemes. Police operations, journalistic investigations, and intelligence reports have identified the island as an attractive "financial bridge" for illicit networks. What factors explain Cuba's presence in so many global money laundering plots? Below, we examine the role of the Cuban financial system, the gray areas of state control—including the role of GAESA—and some emblematic cases that illustrate this concerning trend.
An opaque financial system controlled by the state
A key factor lies in the opacity of the Cuban financial system. For decades, Cuba has operated a dual economy with controlled official markets and a large black market for currency, sustained by remittances and informal activities. The lack of transparency and the existence of a significant parallel cash circuit present serious risks of money laundering.
The stringent state-military control over the economy exacerbates the problem. A significant portion of Cuba's foreign currency earnings pass through state conglomerates without independent public audits. GAESA, the holding company of the Armed Forces, plays a prominent role, managing strategic businesses—tourism, trade, remittances, imports—under strict secrecy. Analysts estimate that GAESA controls between 40% and 60% of the foreign currency entering the country, operating companies registered in Panama and bank accounts in tax havens without citizen oversight.
A 2025 report revealed that GAESA manages over 95% of the national finances and that even the Central Bank operates subordinate to its directives. Between 2008 and 2022, of the more than 108 billion dollars generated by Cuban medical missions, around 70 billion were absorbed by GAESA through the International Financial Bank without audits or oversight. Essentially, a "state within the state" has been created: a parallel financial structure run by the military elite with little transparency and accountability.
Cuba as a "financial bridge" in global networks
Several international cases illustrate how Cuba has served as a bridge for money laundering, acting as a stopover or temporary destination for illicit funds. Operation “Rapax” in Spain (2025) dismantled a criminal network that defrauded nearly seven million euros in public subsidies, funneling part of those funds to Cuba. Authorities concluded that the choice of the island was not coincidental: its financial opacity and lack of effective controls make it an ideal destination for laundering capital without raising alarms.
Another joint investigation by Europol and the Spanish police in 2025 dismantled a network linked to Russian organized crime that planned to invest in Cuba for money laundering. The leaders negotiated with Cuban officials to establish photovoltaic solar parks in exchange for payments in nickel and gold. Although the scheme was thwarted, it highlighted the laxity of Cuban authorities towards investors of questionable origin.
In 2018, American researcher Douglas Farah revealed a network through which the former Colombian guerrilla group FARC laundered drug trafficking money via Cuba. The funds were transferred from Colombia to Cuban accounts, and then to El Salvador, Nicaragua, and Panama, where they were legitimized. Although the Cuban government denied these accusations, the case highlighted how the control gaps on the island are exploited for international illicit schemes.
Intermediaries, front companies, and sanctioned allies
Another dimension of the problem is Cuba's connection with strategic allies accused of corruption. The case of the airline Plus Ultra, which is under investigation in Spain, is particularly illustrative. Although Spanish, the company was closely linked to the governments of Venezuela and Cuba. In 2025, its executives were arrested for money laundering. The airline is believed to have facilitated the transfer of funds originating from Venezuelan corruption, some of which may have returned to Cuba disguised as payments for services or inflated contracts.
Plus Ultra rented planes from Cubana de Aviación and transported brigades of Cuban doctors, integrating into the logistical machinery of the regime. The case highlights how a vital airline for Cuba became embroiled in money laundering networks, strengthening the financial ties between Havana and Caracas.
Another major scandal involved Habanos S.A., the joint venture that markets Cuban cigars. Journalistic investigations revealed that the Chinese businessman Chen Zhi, accused of massive fraud and money laundering, infiltrated the company as an indirect owner of half of it. Through shell companies and cryptocurrencies, he laundered billions of dollars from illegal casinos and cyber scams, turning that dirty money into legitimate assets within the Cuban tobacco business.
The cracks exploited by money laundering
The described cases explain why Cuba frequently appears in international money laundering schemes: its financial-political environment presents structural cracks that are very attractive to criminals of all kinds. Key factors include:
- Opacity and lack of transparency: The Cuban economic duality makes it difficult to trace the flow of money. Large amounts of cash move without independent oversight.
- Absolute state-military control: Entities like GAESA manage enormous amounts of foreign currency beyond public scrutiny, creating a financial "black hole."
- Collaboration with questioned allies: Cuba has served as a financial platform for regimes and groups involved in regional corruption.
- Need for foreign currency and investments: Economic desperation makes it less discerning about the source of foreign capital.
- Legal framework and limited international cooperation: Although it formally participates in FATF evaluations, the application of standards is poor and cooperation with international organizations is minimal.
Together, these factors create an ecosystem conducive to money laundering. Cuba is not the only country used for laundering money, but it does offer comparative advantages: secrecy, vertical control, and a geopolitical position outside certain regulatory frameworks. As long as structural changes—greater transparency, independent controls, and limits on military power—are absent, the island will remain a key link in the global money laundering networks.
Consulted sources
- CiberCuba
- Diario de Cuba
- Martí News
- Infobae
- U.S. Department of State
- OFAC
- Researcher Douglas Farah
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