Preheat oven to 350 degrees. Butter a 139 inch baking dish and set aside.
To make the picadillo, heat the oil in a large skillet over medium heat. Add the chopped green peppers, ajicitos and onions. Saute until beginning to soften, about 3 minutes. Add the minced garlic and cook an additional 2 minutes. Add the ground beef, breaking it up so there are no lumps. Stir in the tomatoes, sherry, bay leaf, salt, and pepper and raisins if using. Return to a low simmer, cover, and continue to cook an additional 15 minutes. Add the chopped recao, red peppers, olives and capers. Remove bay leaf, adjust seasoning to taste, and set aside.
Combine the water, salt and unpeeled plantains in a large pot. Bring to a high simmer, cover and continue to cook an additional 15 minutes. Remove from heat and drain. When cool enough to handle but still warm, peel, place in a large bowl and mash together. Stir in the melted butter to combine.
Add half the plantain mixture to the prepared baking pan and spread to form a smooth layer. Top with the prepared picadillo. Cover with remaining plantain mixture and sprinkle with shredded cheese.
Bake in preheated oven until it is warmed through and lightly browned, about 20 minutes.
*Notes: To make annatto oil, combine 1 cup of canola or olive oil and 1/4 cup of annatto seeds (also known as achiote) in a small saucepan. Bring to a simmer over low heat, stirring often, until it turns bright orange, about 3-5 minutes. Remove from heat and allow steep an additional 15-20 minutes. Drain and discard the seeds. The oil can be covered and refrigerated for up to 2 months.