Spain Spain

New Documents

Spain Arrests Terrorist Crypto-Financier in Barcelona (in Spanish)

The Spanish Civil Guard arrested an individual in Barcelona on terrorism-related charges alleged to have owned several cryptocurrency addresses linked to an international terrorist funding network to benefit the Islamic State of Iraq and the Levant terrorist group.

February 5, 2024

Interpol, Spanish Authorities Dismantle Crime Group for Fixing Sporting Events

Interpol announced that it assisted the Spanish National Police and the Spanish Tax Agency in an operation to dismantle an organized crime group suspected of fixing sporting event by corrupting athletes and using technology to place bets ahead of bookmakers.

September 18, 2023

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

March 15, 2023

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

January 12, 2023

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

December 21, 2022

News

Midweek Roundup: Nigeria Prepares Binance Charges, ‘Micro-Debit’ Scheme Duped Banks, and More

Sanctions evaders adopt Tether, Gunvor settles bribery case, and more, in the midweek roundup.

April 3, 2024

Weekly Roundup: Fintrac Investigates ‘Cyber Event,’ US Officials Warn Austrian Bank, and More

Brazilian ex-president’s son charged with money laundering, lawsuit against Silvergate Bank clears hurdle, and more, in the weekly roundup

March 22, 2024

Weekly Roundup: Whistleblowers Flag AML Gaps at Cash App, Swiss Banker Ignored 1MDB Payments, and More

February 16, 2024

Midweek Roundup: FinCEN Delays Real Estate Plan, Money Mule Networks Targeted Ukrainians, and More

December 13, 2023

Weekly Roundup: SEC Investigates More Cryptocurrency Platforms, US Senator Charged with Bribery, and More

September 22, 2023

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