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Today's mobile communications systems are usually interference limited in terms of their overall capacity. In the paper we present a novel powerful yet simple interference cancellation algorithm for receive diversity systems. The algorithm for Rake receivers is based on the correlation between the identical multi-path delays occurring on the antennas. The attractive simplicity is due to the separate handling of different Rake fingers yielding a low complexity with the lack of large matrices. Nevertheless, the new algorithm exhibits an excellence performance, which is proven by simulation results.