Cuba's central bank takes steps against money laundering

"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.