Cuba's central bank takes steps against money laundering

Cuba's central bank takes steps against money laundering
Aug 29,2014

HAVANA, Aug. 28 (Xinhua) -- Cuba's central bank has adopted measures
against money laundering after the passage of a new foreign investment
law aimed at bringing more capital from abroad, local media said Thursday.

"Cuba's opening to foreign capital ... must translate into a source of
development in those areas of interest to the nation," the state daily
Granma said of the new law approved by Cuba's National Assembly in
March. "That is why the Central Bank of Cuba is taking steps to minimize
the entry of illicit capital through transactions."

A special account has been created in Cuba to receive deposits made
through foreign banks, as bank-to-bank transactions are deemed more
secure, the daily quoted the bank's legal secretary Marlie Leon Simon as
saying.

"Such funds, in keeping with Cuban regulation, cannot enter the country
except through a bank," Granma said. By protecting against the influx of
illicit funds from the drug trade or other illegal activities, Cuba
ensures that both "the country and the investors win," it added.

In addition, an investment evaluation committee is charged with
analyzing any proposed investment and examining the related financial
and banking records before approving or denying the bid, the daily said.

Source: Cuba's central bank takes steps against money laundering |
Shanghai Daily -
http://www.shanghaidaily.com/article/article_xinhua.aspx?id=238137