Heat olive oil in a large Dutch oven over medium-high heat. Add beef; cook 4 minutes, browning on all sides. Add sliced onion; cook for 7 minutes or until onion is softened, stirring occasionally. Add minced garlic; cook 1 minute, stirring frequently. Stir in flour; cook 2 minutes, stirring often.
Stir in water and next 9 ingredients (through bay leaf). Reduce heat to medium-low; cover and simmer 1 hour. Uncover and simmer 30 minutes or until beef is tender. Discard bay leaf. Sprinkle each serving with parsley.