Cuba has adopted measures to minimize the entrance of illicit capital via transactions related to foreign investment, stated a Central Bank of Cuba (BCC) specialist.

With the new Foreign Investment Law no.118 going into effect, the country is adjusting mechanisms which allow for the legal entrance of financing, ensuring a low level of risk for illicit activity.

The BCC’s legal secretary, Marlié León, explained that the arrival of foreign capital to Cuba occurs via a transfer from a foreign bank to a national entity, with the amount deposited in an account set up for this purpose.

According to an AIN report, León said this procedure should reduce the danger of illicit funds entering the country, although its does not totally eliminate the possibility.

Worldwide banks have established systems to facilitate the acquisition of information about their clients’ activities, and the origin of their capital, thus funds cannot enter the country in any other manner, only via a bank as stipulated by the BCC.

Toward this end, León explained, the bank’s certification includes as a reference the investor’s statement outlining the origin of funds, which exonerates the institution of any responsibility, including any claims from third parties.

Also available is information about bank payments and other data which will allow for the evaluation of the investor’s income and ability to operate within Cuba’s banking system, she added.