Spain

New Documents

Spanish Court Grants Extradition of Twitter Hacker to US (in Spanish)

Spain’s National Court approved the extradition of Joseph James O., a 23-year-old British man, to the United States to face 14 criminal charges for conspiring to launder money, hacking, and other cyber offenses.

March 15, 2023

Spanish FIU Issues Annual Report for 2020-2021 (in Spanish)

Sepblac, Spain’s financial intelligence unit, published its annual report for 2020-2021, containing statistics and supervisory activities undertaken during the period as part of anti-money laundering and counterterrorist financing efforts.

January 12, 2023

OECD Calls on Spain to Boost Enforcement of Anti-Bribery Laws

December 21, 2022

GRECO Finds Slight Improvement in Efforts by Spain to Combat Corruption

December 5, 2022

Central Bank of Spain Governor Discusses Managing Risks Posed by Fintech, Crypto

November 22, 2022

News

Midweek Roundup: Russian Cellist Hid Putin’s Money in Swiss Banks, Britain Let Abramovich Associate Sell Mansion After Blacklisting Him, and More

U.S. state lawmakers consider banning credit cards from tracking gun sales, Maltese court approves bank’s decision to close account, and more, in the midweek roundup.

March 8, 2023

Spanish AML Fines Dropped in 2022, But Targeted New Players

AML penalties dropped precipitously in Spain last year, data supplied to ACAMS moneylaundering.com by the country’s primary AML supervisor shows.

March 8, 2023

Midweek Roundup: US Blacklists Chinese Companies Over Balloon Incursion, Another EU Lawmaker Charged in Bribery Probe, and More

February 15, 2023

Weekly Roundup: Investigation Links EU Beneficial Ownership Opponent to Russian Oligarchs, FinCEN’s ‘Access’ Rule Sparks Debate, and More

February 10, 2023

Midweek Roundup: FTX Investigations Commence, OFAC Targets Russia’s Western Enablers, and More

November 16, 2022

Enforcement Actions

Spanish FIU Fines Banco Popular Español S.A.U. Over €1 Million for AML Violations (in Spanish)

The Executive Service of the Commission for the Prevention of Money Laundering and Monetary Offences fined Banco Popular Español S.A.U., which is now part of Banco Santander S.A., €1,056,000 for violating anti-money laundering and counterterrorist financing norms.

April 4, 2022

Banco Santander S.A. Fined €1 Million for AML Violations (in Spanish)

The Supreme Court of Spain imposed a fine of €1 million on Banco Santander for anti-money laundering deficiencies that occurred at Banco Espanol de Credito (Banesto), S.A. between 2007 and 2011. Santander is the universal successor for Banesto.

November 23, 2016

Spain Fines Banco Espirito Santo 1.1 Million Euros for AML Violations (in Spanish)

February 24, 2014

Key Documents

Spain Implements Third EU Money Laundering Directive (in Spanish)

April 29, 2010

Spain Criminalizes Terrorist Financing (in Spanish)

May 21, 2003

Spain Stipulates Customer Identification, Transaction Threshold Standards (in Spanish)

June 9, 1995

Spain Amends Customer Identification Procedures (in Spanish)

January 21, 2005

Spain Imposes Due Diligence Measures on Capital Movements, Cross-Border Transactions (in Spanish)

July 4, 2003

Spain Establishes Record-Keeping Requirements for Currency Exchanges (in Spanish)

July 28, 2006

Spain Criminalizes Self Laundering (in Spanish)

June 22, 2010

Spain Defines the "Laundering of Capital" (in Spanish)

December 28, 1993

Spain Mandates Cross-Border Cash Declaration (in Spanish)

May 13, 2006

Important Facts

  • The U.S. Department of State categorizes Spain as a major money laundering jurisdiction. Although the country complies with international AML standards and maintains updated AML regulations, Spain is a trans-shipment point for cross-border illicit flows of drugs entering Europe from North Africa and Central and South America. The most prominent means of laundering money are through smuggling of illicit drug sales, the purchase and sale of real estate, the use of complex networks of companies and legal arrangements, and the exploitation of money or value transfer services and the use of cash couriers. The major sources of criminal proceeds are derived from drug trafficking, organized crime, customs fraud, human trafficking, counterfeit goods and financial support for terrorism. Illicit proceeds also continue to be invested in real estate in the coastal areas in the south and east of the country, but criminal groups also now place money in other sectors, including services, communications, automobiles, art work and the financial sector. The country has had success disabling criminal enterprises and organized criminal groups, as well as identifying complex money laundering  and corruption-related networks. Investigations and prosecutions in 2019 included: a  finding by court in the southern Spanish region that political figures were guilty of corruption-related financial crimes;  law enforcement efforts to break up an international criminal organization that provided virtual currency money laundering services to other criminal groups; and countering laundering activity from Venezuela through properties associated with a former Spanish Ambassador to Venezuela.
Source: 2020 International Narcotics Control Strategy Report (INCSR)  

Rankings

FATF i | 2013 methodology

Technical Effectiveness
Compliant : 28 High : 1
Largely Compliant : 10 Substantial : 9
Partially Compliant : 2 Moderate : 1
Non-Compliant : 0 Low : 0

Spain's technical compliance was re-rated in a March 20, 2018 follow-up report. FATF re-rated the effectiveness of Spain's AML/CTF framework in a Dec. 4, 2019 follow-up assessment.

BASEL i

Rank : 129/141
Score : 3.66/10

TRANSPARENCY INTERNATIONAL i

Rank : 30/180
Score : 62/100

Tax Justice Network i

Rank : 66/133
Score : 44/100