The Financial Action Task Force (FATF) decided today in Paris, to exclude Cuba from its monitoring mechanisms, in recognition of the country’s efforts to prevent money laundering and the financing of terrorism, according to AIN.

The plenary meeting held October 24 at the organization’s headquarters in Paris, the FATF agreed to remove Cuba from the so-called grey list, demonstrating international confidence in Cuba’s financial system.

The report by the FATF International Corporation Evaluation Group expressed satisfaction at the significant advances Cuba has made in its banking system to combat both crimes, also highlighting the country’s willingness to continue to actively contribute to improving FATF mechanisms.

The inter-governmental organization was founded in 1989 by the Group of Seven (G-7) with the aim of promoting policies to combat money laundering and financing of terrorism.

In 2000 GAFISUD (The Financial Action Task Force of South America) was created in Cartagena de Indias, Colombia - a regionally based organization formed of 12 Latin American and Caribbean countries, including Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru, Uruguay, Mexico, Costa Rica, Panama and Cuba.

During the meeting, representatives from various nations emphasized the Cuban government’s commitment and continued efforts to implement the FATF Action Plan.

Cuban diplomatic sources commented to Prensa Latina that the prevention of money laundering and financing of terrorism is a priority for the government which is dedicating significant resources to achieve such ends.

"Cuba has never been used, nor will it ever be used to organize, finance or commit acts of terrorism against any country," they stated.