| Seminar of FATF’s Recommendations (Financial Action Task Force)
The Seminar-Workshop on Technical Assistance for Cuba to Face the Fourth Round of Mutual Assessments of GAFISUD, the regional organization that rules this subject matter in the countries member in our geographical area of which Cuba is full member shall be held in Havana on November 12 to 14.
This Seminar is part of Cuba’s preparation with view of improving its system for prevention and combat of Money laundering, terrorist financing and other similarly serious offenses, in accordance with the provisions of UNO and other international specialized organizations.
Representatives of several organizations and institutions as commercial Banks, the Comptrollership, BCC, FINCIMEX, MININT, General Attorney’s Office, MINREX, CAP Habana and the Commission of implementation shall take part in this event.(Home)
Guideline No. 55 of the Economic and Social Policy of the Party and the Revolution approved by the 6th Congress of PCC states: “We shall advance towards the monetary unification, taking into account work productivity and effectiveness in the mechanisms of distribution and redistribution. Due to its complexity, this process shall demand a rigorous preparation and execution, both in the objective and the subjective levels”.
In fulfillment of the Guideline above, the Council of Ministers has agreed to come into effect the time schedule of execution of the measures which lead to the monetary and exchange unification.
As it has been informed, the monetary and exchange unification is not a measure that solves by itself all the current problems of the economy, but to come it into force is indispensable in order to guarantee the reestablishment of the value of the Cuban peso and of its functions as money, that is, the unity of account, as well as a means of payment and accumulation. The aforementioned, together with the implementation of the rest of the policies directed to update the model, shall lead to the arrangement of the economic environment, and consequently, the correct measurement of its results.
The process for the monetary unification for both the natural and legal person shall be carried out.
The main changes in this first stage shall take place in the sector of the legal persons, in order to propitiate the conditions for the increase in efficiency, a better measurement of the economic facts and the stimulation to the sectors which produce goods and services for exports and substitution of imports.
The process shall begin with a period of preparation of the conditions which will allow building up the proposals for the legal standards, the design of the changes in the computer systems in charge of the accounting records, and the adjustments in the accounting standards. This will be an essential stage also for training the persons who should undertake the execution of the several transformations.
Army General Raul Castro Ruz, in his speech closing the first ordinary session of the 8th Legislature of the National Assembly of People’s Power last July said the following on the process of implementation of the Guidelines: “I wish to reiterate that, in this front of strategic significance, progresses have been made, and the first encouraging results have already begun to be seen, although there is also true that there is a long and complex road left to cover to have our economic and social model updated, ensuring the majority support of the population in this process, what excludes that use of shock therapies and abandonment of millions of people which characterizes the policies of adjustments implemented in the last few years in several nations of the wealthy Europe.
No measure shall be implemented in the monetary area to damage persons who obtain their incomes in CUC or CUP legally, as has been the practice implemented throughout the years of the Cuban Revolution. In this sense, the process of monetary unification respects the principles stating that the confidence achieved by the persons who has kept their savings in the Cuban banks in CUC, other foreign exchange and CUP is preserved untouchable and that the policy in force of subsidy to retail products and to persons whenever necessary, as required by the economic conditions in the country. The CUC and the CUP are Cuban currencies issued by Banco Central de Cuba and they shall maintain their total support.
From now on, the possibility to accept payments in CUP with magnetic cards in that currency in the stores selling in CUC shall continue to expand. CUP cash payments can be made for the equivalent calculated at the CADECA’s exchange rate of 25 CUP for 1 CUC experimentally in selected stores.
Details on the measures taken each time shall be let known both to specialists of the entities that should participate in their implementation and to the population, in accordance with the progresses in the execution of the time Schedule. (Home)