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Key findings

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Key findings

  1. 1. Anti-money laundering and counter-terrorist financing measures in Spain – Mutual Evaluation Report – December 2014 1 Anti-money laundering and counter- terrorist financing measures in Spain Fourth Round Mutual Evaluation Key findings, ratings and priority actions 5 December 2014 www.fatf-gafi.org/topics/mutualevaluations/documents/mer-spain-2014.htm
  2. 2. Anti-money laundering and counter-terrorist financing measures in Spain – Mutual Evaluation Report – December 2014 Key findings  Spain has up-to-date laws and regulations  Spain has sound institutions for combating money laundering and the financing of terrorism  Spain has a high level of understanding of its money laundering and terrorist financing risks  Spain has demonstrated significant successes in money laundering investigation and prosecution 2
  3. 3. Anti-money laundering and counter-terrorist financing measures in Spain – Mutual Evaluation Report – December 2014 Key findings  However, the dissuasiveness and proportionality of sanctions for money laundering offences is a concern  Authorities have effectively shut down the financing and support networks of one of the main domestic terrorist threats in Spain: ETA  However, Spain’s implementation of targeted financial sanctions related to terrorism suffers from serious technical and practical deficiencies  Policy and operational coordination on combating proliferation financing is weak 3
  4. 4. Anti-money laundering and counter-terrorist financing measures in Spain – Mutual Evaluation Report – December 2014 Key findings  There are significant gaps in the applicable EU legal framework regarding wire transfers  Lawyers do not adequately apply the required preventive measures  Good practice in the context of Spain’s legal system: measures to enable access to beneficial ownership information.  Authorities and money value transfer services have taken significant steps to mitigate money laundering and terrorist financing risks, but weaknesses remain. 4
  5. 5. Anti-money laundering and counter-terrorist financing measures in Spain – Mutual Evaluation Report – December 2014 Ratings - Effectiveness 5 Immediate outcome of an effective system to combat money laundering (ML) and terrorist financing (TF) Extent to which Spain has achieved this objective 1. ML and TF risks are understood and, where appropriate, actions co-ordinated domestically to combat ML and TF Substantial 2. International co-operation delivers appropriate information, financial intelligence, and evidence, and facilitates action against criminals and their assets Substantial 3. Supervisors appropriately supervise, monitor and regulate financial institutions and designated non-financial businesses and professions (DNFBPs) for compliance with AML/CFT requirements commensurate with their risks. Substantial 4. Financial institutions and DNFBPs adequately apply AML/CFT preventive measures commensurate with their risks, and report suspicious transactions. Moderate
  6. 6. Anti-money laundering and counter-terrorist financing measures in Spain – Mutual Evaluation Report – December 2014 6 Immediate outcome of an effective system to combat money laundering (ML) and terrorist financing (TF) Extent to which Spain has achieved this objective 5. Legal persons and arrangements are prevented from misuse for money laundering or terrorist financing, and information on their beneficial ownership is available to competent authorities without impediments Substantial 6. Financial intelligence and all other relevant information are appropriately used by competent authorities for money laundering and terrorist financing investigations. High 7. Money laundering offences and activities are investigated and offenders are prosecuted and subject to effective, proportionate and dissuasive sanctions Substantial 8. Proceeds and instrumentalities of crime are confiscated. Substantial Ratings - Effectiveness
  7. 7. Anti-money laundering and counter-terrorist financing measures in Spain – Mutual Evaluation Report – December 2014 7 Immediate outcome of an effective system to combat money laundering (ML) and terrorist financing (TF) Extent to which Spain has achieved this objective 9. Terrorist financing offences and activities are investigated and persons who finance terrorism are prosecuted and subject to effective, proportionate and dissuasive sanctions. Substantial 10. Terrorists, terrorist organisations and terrorist financiers are prevented from raising, moving and using funds, and from abusing the non-profit sector. Moderate 11. Persons and entities involved in the proliferation of weapons of mass destruction are prevented from raising, moving and using funds, consistent with the relevant United Nations Security Council Resolutions. Moderate Ratings - Effectiveness
  8. 8. Anti-money laundering and counter-terrorist financing measures in Spain – Mutual Evaluation Report – December 2014 5-Dec-14 8 Ratings – Effectiveness 1 7 3 0 High Substantial Moderate Low
  9. 9. Anti-money laundering and counter-terrorist financing measures in Spain – Mutual Evaluation Report – December 2014 Ratings – technical compliance 5-Dec-14 9 AML/CFT POLICIES AND COORDINATION 1. Assessing risks & applying a risk-based approach Compliant 2. National cooperation and coordination Largely compliant MONEY LAUNDERING AND CONFISCATION 3. Money laundering offence Largely compliant 4. Confiscation and provisional measures Compliant TERRORIST FINANCING AND FINANCING OF PROLIFERATION 5. Terrorist financing offence Largely compliant 6. Targeted financial sanctions related to terrorism & terrorist financing Partially compliant 7. Targeted financial sanctions related to proliferation Partially compliant 8.Non-profit organisations Largely compliant
  10. 10. Anti-money laundering and counter-terrorist financing measures in Spain – Mutual Evaluation Report – December 2014 Ratings – technical compliance 5-Dec-14 10 PREVENTIVE MEASURES 9. Financial institution secrecy laws Compliant Customer due diligence and record keeping 10. Customer due diligence Largely compliant 11. Record keeping Compliant Additional measures for specific customers and activities 12. Politically exposed persons Compliant 13. Correspondent banking Compliant 14. Money or value transfer services Compliant 15. New technologies Compliant 16. Wire transfers Partially compliant
  11. 11. Anti-money laundering and counter-terrorist financing measures in Spain – Mutual Evaluation Report – December 2014 Ratings – technical compliance 5-Dec-14 11 PREVENTIVE MEASURES (continued) Reliance, Controls and Financial Groups 17. Reliance on third parties Largely compliant 18. Internal controls and foreign branches and subsidiaries Compliant 19. Higher-risk countries Compliant Reporting of suspicious transactions 20. Reporting of suspicious transactions Compliant 21. Tipping-off and confidentiality Compliant Designated non-financial Businesses and Professions (DNFBPs) 22. DNFBPs: Customer due diligence Largely compliant 23. DNFBPs: Other measures Compliant
  12. 12. Anti-money laundering and counter-terrorist financing measures in Spain – Mutual Evaluation Report – December 2014 5-Dec-14 12 TRANSPARENCY AND BENEFICIAL OWNERSHIP OF LEGAL PERSONS AND ARRANGEMENTS 24. Transparency and beneficial ownership of legal persons Largely compliant 25. Transparency and beneficial ownership of legal arrangements Compliant POWERS AND RESPONSIBILITIES OF COMPETENT AUTHORITIES AND OTHER INSTITUTIONAL MEASURES Regulation and Supervision 26. Regulation and supervision of financial institutions Largely Compliant 27. Powers of supervisors. Compliant 28. Regulation and supervision of DNFBPs Largely compliant Operational and Law Enforcement 29. Financial intelligence units Compliant 30. Responsibilities of law enforcement and investigative authorities Compliant 31. Powers of law enforcement and investigative authorities Compliant 32. Cash couriers Compliant Ratings – technical compliance
  13. 13. Anti-money laundering and counter-terrorist financing measures in Spain – Mutual Evaluation Report – December 2014 5-Dec-14 13 TRANSPARENCY AND BENEFICIAL OWNERSHIP OF LEGAL PERSONS AND ARRANGEMENTS (continued) General Requirements 33. Statistics Compliant 34. Guidance and feedback Compliant Sanctions 35. Sanctions Compliant INTERNATIONAL COOPERATION 36. International instruments Compliant 37. Mutual legal assistance Compliant 38. Mutual legal assistance: freezing and confiscation Compliant 39. Extradition Largely compliant 40. Other forms of international cooperation Compliant Ratings – technical compliance
  14. 14. Anti-money laundering and counter-terrorist financing measures in Spain – Mutual Evaluation Report – December 2014 5-Dec-14 14 Ratings – technical compliance 25 12 3 0 Compliant Largely compliant Partially compliant Non-compliant
  15. 15. Anti-money laundering and counter-terrorist financing measures in Spain – Mutual Evaluation Report – December 2014 Priority Actions for Spain to strengthen its AML/CFT System  Ensure that adequate sanctions, beyond fines, are applied for money laundering offences  Amend the Penal Code to extend the maximum period of disbarment for professionals  Apply targeted financial sanctions when appropriate  Increase resources for AML/CFT supervision  Intensify supervision of lawyers, real estate agents and trust and company service providers  Fill the gaps in supervision regarding unlicensed money value transfer services operators and those operating under passporting rules. 15

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