In a large pot, place the flank steak and cover with water, adding a pinch of salt. Bring the water to a boil over medium-high heat, then reduce to a simmer. Cover the pot and let it cook for 1.5 to 2 hours until the beef is fork-tender.

Once the beef is cooked, carefully remove it from the pot and allow it to cool for a few minutes. Using two forks, shred the meat into bite-sized pieces, discarding any excess fat or gristle.

In a large skillet, heat 2 tablespoons of olive oil over medium heat. Add the sliced yellow onions and bell peppers, sautéing for 6 to 8 minutes until soft and slightly caramelized. Stir in minced garlic and cook for an additional minute.

Stir in 2 tablespoons of tomato paste, along with 14 ounces of crushed tomatoes and 1 cup of beef broth. Pour in ½ cup of white wine, then sprinkle in ground cumin, dried oregano, paprika, and red pepper flakes. Add two bay leaves and let the mixture simmer for 10 minutes.

Once the sauce has thickened, add the shredded beef back into the skillet along with about 1 cup of the reserved broth. Reduce heat to low and simmer for 20 to 30 minutes, stirring occasionally.

After simmering, taste and adjust the seasoning with salt, pepper, or additional spices. Remove the bay leaves, then serve hot over rice with black beans.