Heat the oil in a large pot over medium heat. Add the onions, garlic and cook for about 4 minutes or until the onions are translucent.
Coat the beef chunks with the flour and add to the pot, stirring occasionally, until lightly browned.
Add the tomato sauce, beef stock, bay leaf, salt, cumin powder and bring to a boil, then reduce the heat to medium low, cover and let it cook for about 1 hour and 10 minutes or until the meat is tender.
Add the potatoes and carrots. Cover and cook for an additional 30 minutes or until the potatoes and carrots are tender.
Serve with white rice.