Spanish AML system

Spain: Benchmark in the Fight Against Money Laundering

Spain is firmly committed to Anti-money Laundering (AML) and to the preservation of European values and is a worldwide referent in the field.

Regarding AMLA’S future provisions, the Spanish system maintains its high standards. Spain is, according to FATF Mutual Evaluation Report of Spain, 2014, and 5th year Follow Up Assessment, 2019, the only country in the UE and in the world with the highest ratings in the following areas:

  • Spain stands out for its AML supervision. The Financial Action Task Force (FATF) underscores that “Spain has a powerful surveillance system of its banking sector in the prevention of money laundering and financing of terrorism. Spain’s outstanding record has proved that its procedures of monitoring and financial surveillance have prevented criminals from controlling financial institutions.”
  • The Spanish private sector has high compliance standards. “The overall robustness of the preventive measures implemented by Spain’s financial institutions is particularly remarkable in the banking sector.”
  • Spain ranks among the top four countries in the world in the production and use of financial intelligence, being, along with The Netherlands, the only European country holding the highest ranking according to FATF 4th round ratings.

Spain: a Precursor Framework to that of AMLA

The Spanish anti-money laundering model already has a robust institutional design similar to that proposed for AMLA. It provides a collegiate body (the Commission for the Prevention of Money Laundering and Monetary Offences) that acts as a regulator (through its Secretary department) and supervisor and Financial Intelligence Unit (through its Executive Body, SEPBLAC).

Spain also stands out for its top management level of coordination of the institutions involved in the prevention, supervision, investigation and prosecution of money laundering and terrorist financing, and provides commanding procedures for international cooperation.

The election of Madrid as future Headquarters would allow it to set up synergies with other agencies and institutions, as well as to recruit specialised and highly qualified staff, while preserving the essential independence of AMLA.



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