Spain: Report on the Observance of Standards and Codes: FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism

Author: International Monetary Fund

Volume/Issue: Volume 2007 Issue 070

Publication date: February 2007

ISBN: 9781451812268

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Topics covered in this book

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Public Finance , ISCR , CR , Spain , offence , regime , SEPBLAC , CFT regime , money laundering offence , due diligence , CFT supervision , CFT measure , CFT requirement , CFT system , CFT obligation , prosecution authorities , Anti-money laundering and combating the financing of terrorism (AML/CFT) , Money laundering , Terrorism financing , Legal support in revenue administration , North Africa

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Summary

This report examines the Observance of Standards and Codes on the Financial Action Task Force (FATF) Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) for Spain. The findings reveal that the Spanish legal framework for combating money laundering and terrorist financing is generally comprehensive. Money laundering offences are broad in scope and easy to apply, according to Spanish prosecutors. Terrorist financing offences are broadly satisfactory, although they do not appear to cover acts of an individual terrorist and collection of funds under certain circumstances.