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FAFT removes Cuba from Grey List

HAVANA, Cuba, Oct 25 (acn) The Financial Action Task Force (FATF) decided to remove Cuba from its so-called grey list, an action expressing international trust in the Cuban banking system and acknowledgement to the island´s work against money laundering and terrorism financing.

The FATF is an intergovernmental entity set up in 1989 by the Group of Seven to promote policies to fight money laundering and the financing of terrorism.

During a plenary meeting Friday in its headquarters in Paris, the FATF International Cooperation and Evaluation Group expressed satisfaction for the significant advancement of Cuba.

"Cuba has made significant progress to improve its Anti-Money Laundering and Combating Terrorism Financing regime (AML/CFT)," reads the document issued by the group and adds that Cuba has substantially addressed its action plan, by becoming a member of GAFISUD, the FATF chapter for the Latin American region.

The reports also reads that the island has made advancement by adequately criminalizing money laundering and terrorist financing; establishing procedures to identify and freeze terrorist assets; establishing adequate customer due diligence requirements; ensuring a fully operational and effectively functioning financial intelligence unit and enhancing suspicious transaction reporting requirements.

During the meeting in Paris, representatives of several nations stressed the Cuban government´s commitment to implement the action plan of the Financial Action Task Force and praised the constructive attitude of Cuban authorities during visits here by delegations from the intergovernmental entity.

Cuban territory has never been used and will never been used to organize, finance or undertake terrorist actions against any country, said diplomatic sources to PL news agency.

Details of the FATF at - http://www.fatf-gafi.org/countries/a-c/cuba/documents/fatf-compliance-oct-2014.html

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