Cuba to Prevent Entry of Dirty Money

HAVANA TIMES — The Central Bank of Cuba (BCC) announced measures this week to minimize the entry of illicit capital through transactions resulting from the opening of the island to foreign capital under the recently adopted Foreign Investment Law, reported Granma newspaper.

The BCC will receive the funds only when they come from a foreign bank to a national one, as these banks worldwide have systems that allow them to obtain information about the activities of their clients, so they know the source of their money.

Thus, such investment funds cannot enter if not through banks, as Cuba seeks to comply with its international commitments to guard against illicit capital movement, money laundering and other related crimes, says the note.