Squashed entanglement is a measure for the entanglement of bipartite quantum states. In this paper we present a lower bound for squashed entanglement in terms of a distance to the set of separable states. This implies that squashed entanglement is faithful, that is, strictly positive if and only if the state is entangled. We derive the bound on squashed entanglement from a bound on quantum conditional mutual information, which is used to define squashed entanglement and corresponds to the amount by which strong subadditivity of von Neumann entropy fails to be saturated. Our result therefore sheds light on the structure of states that almost satisfy strong subadditivity with equality. The proof is based on two recent results from quantum information theory: the operational interpretation of the quantum mutual information as the optimal rate for state redistribution and the interpretation of the regularised relative entropy of entanglement as an error exponent in hypothesis testing. The distance to the set of separable states is measured by the one-way LOCC norm, an operationally-motivated norm giving the optimal probability of distinguishing two bipartite quantum states, each shared by two parties, using any protocol formed by local quantum operations and one-directional classical communication between the parties. A similar result for the Frobenius or Euclidean norm follows immediately. The result has two applications in complexity theory. The first is a quasipolynomial-time algorithm solving the weak membership problem for the set of separable states in one-way LOCC or Euclidean norm. The second concerns quantum Merlin-Arthur games. Here we show that multiple provers are not more powerful than a single prover when the verifier is restricted to one-way LOCC operations thereby providing a new characterisation of the complexity class QMA.