FROM FATF/GAFILAT: Cuba's Progress In Strengthening Measures To Tackle Money Laundering & Terrorist Financing
/Cuba's progress in strengthening measures to tackle money laundering and terrorist financing
AML: Anti-Money Laundering
CFT: Countering The Financing Of Terrorism
MER: Mutual Evaluation Report
From January 2021: “Cuba continues making significant progress in addressing the Technical Compliance deficiencies identified in its MER and has been re-rated for R.31 (Partially Compliant to Compliant), R.28 (Partially Compliant to Compliant) and R. 35 (Partially Compliant to Largely Compliant). It also maintained its rating of Partially Compliant regarding R.8, and of Compliant regarding R.2, R.5, R.18 and R.21. Finally, it was re-rated in R.15 (from Compliant to Partially Compliant).”
LINK To Publications
GAFILAT Fourth Regular Follow-Up Report And Re-Rating Of Cuba (2021)
GAFILAT Technical Analysis Of FATF Recommendations- Re-Rating Of Cuba (2017)
GAFILAT Mutual Evaluation Report Of The Republic Of Cuba (2015)
“Paris, France-based Financial Action Task Force (FATF) is the global money laundering and terrorist financing watchdog. The inter-governmental body sets international standards that aim to prevent these illegal activities and the harm they cause to society. As a policy-making body, the FATF works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.
With more than 200 countries and jurisdictions committed to implementing them. The FATF has developed the FATF Recommendations, or FATF Standards, which ensure a co-ordinated global response to prevent organised crime, corruption and terrorism. They help authorities go after the money of criminals dealing in illegal drugs, human trafficking and other crimes. The FATF also works to stop funding for weapons of mass destruction.
The FATF reviews money laundering and terrorist financing techniques and continuously strengthens its standards to address new risks, such as the regulation of virtual assets, which have spread as cryptocurrencies gain popularity. The FATF monitors countries to ensure they implement the FATF Standards fully and effectively, and holds countries to account that do not comply.”
“The purpose of the Financial Action Task Force of Latin America, GAFILAT, (formerly known as Financial Action Task Force of South America (GAFISUD)) is to work toward developing and implementing a comprehensive global strategy to combat money laundering and terrorist financing as set out in the FATF Recommendations. The effort includes encouraging the creation of the offence of money laundering in relation to serious crimes, the development of legal systems to effectively investigate and prosecute these offences, the establishment of systems for reporting suspicious transactions, the promotion of mutual legal assistance. GAFILAT also fosters the training of persons involved in anti-money laundering efforts. GAFILAT enables regional factors to be taken into account in the implementation of anti-money laundering measures.
The origins of GAFILAT go back to ongoing efforts to integrate anti-money laundering efforts in South America and was encouraged by the creation of other anti money-laundering regional groups that were established following the FATF model. It was created as GAFISUD on 8 December 2000 in Cartagena, Colombia by means of a memorandum of understanding by representatives of the governments of nine South American countries. The Organization of American States (OAS) is also a member in an advisory capacity through the Inter-American Commission against Drug Abuse (CICAD). Following the events of 11 September 2001, GAFISUD expanded its scope to include the countering of terrorist financing. The GAFISUD Plenary of 7-11 July 2014 approved the change of name from GAFISUD to GAFILAT to reflect the expansion of its membership to include all Latin American countries.
GAFILAT is committed to carrying out mutual evaluations and co-ordinating anti-money laundering training and educational efforts in the region. Its work mandate is set out in a memorandum of understanding containing specific terms of reference for the group. GAFILAT is supported by a Secretariat, which serves as the focal point for its activities. GAFILAT became and Associate Member of the FATF in 2006.”
