In Cuba, Cash Trickles In for Budding Capitalists

U.S. citizens still aren’t allowed to invest in Cuba, but American cash has been nurturing the Communist-ruled island’s nascent capitalists, a few dollars at a time.The Obama administration removed U.S. limits on money transfers to the island in September, encouraging the use of person-to-person remittances to support private businesses on the island.Cubans such as retired teacher Rafaela Suarez are the beneficiaries.

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The man changing the world of remittances

In the years following the attacks of 11 September 2001, it is not surprising that Western security forces and authorities clamped down hard on the money transfer industry. Fearful that some remittances being sent to countries in eastern Africa, the Middle East and South Asia could be being used to fund terrorist activities, a number of smaller money transfer companies were shut down.

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