The Financial Action Task Force of Latin America (GAFILAT) conducted its third simulation exercise in Cuba to test the country’s implementation of targeted financial sanctions triggered by a potential match with United Nations Security Council sanctions lists related to terrorist financing and the proliferation of weapons of mass destruction. The unannounced drill required a designation and asset-freeze action based on United Nations Security Council Resolution 1373 (2001) and an update aligned with Resolution 1267 (1999). It tested national powers, mechanisms and procedures involving Cuban AML/CFT authorities (including BCC, MINREX, MININT, AGR and FGR) and obliged entities including banks, exchange houses, non-bank financial institutions (including FinTECHs), and designated non-financial businesses and professions from the accounting, legal and notarial sectors. GAFILAT reported that the exercise identified strengths and areas for improvement and was based on its 2023 methodological manual.
Financial Action Task Force of Latin America (GAFILAT) 2025-03-06
Financial Action Task Force of Latin America runs unannounced Cuba exercise to test implementation of UN-linked targeted financial sanctions
The Financial Action Task Force of Latin America (GAFILAT) conducted a simulation in Cuba to test the implementation of financial sanctions related to UN Security Council resolutions on terrorist financing and weapons proliferation. The exercise involved Cuban AML/CFT authorities and various financial and non-financial entities, revealing strengths and areas for improvement. It was based on GAFILAT's 2023 methodological manual.