Financial Crime World

FATF Cracks Down on Money Laundering in Spain: New Guidance and Evaluation Reports

The Financial Action Task Force (FATF) continues its Mission to Combat Financial Crime in Spain with new guidance for various professional sectors and recent evaluation reports.

FATF’s Global Approach to Combating Financial Crimes

The FATF’s 40 Recommendations serve as the foundation for global efforts against money laundering and terrorist financing. These recommendations cover criminal justice and police systems, financial systems and regulations, and international cooperation.

  • Criminal Justice and Police System
  • Financial System and Regulations
  • International Cooperation

In March 2022, the FATF updated its 40 recommendations for modern financial systems.

Guidance for Trust & Company Service Providers

In response to the growing importance of trust and company service providers, the FATF released the following:

  • New Guidance: Guidance for a Risk-Based Approach for Trust & Company Service Providers

This tool helps these professionals manage money laundering and terrorist financing risks in their business relationships.

Guidance for Virtual Assets

The financial sector’s shift towards virtual assets necessitated additional FATF guidance:

  • New Guidance: Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers

This guidance ensures that countries and virtual asset providers understand their anti-money laundering and counter-terrorist financing responsibilities.

Legal and accounting professionals received dedicated guidance, emphasizing the importance of risk management in their roles:

  • New Guidance: Guidance for a Risk-Based Approach for Legal Professionals and Guidance for a Risk-Based Approach for the Accounting Profession

These professional sectors are supported in managing their risks appropriately.

Spain’s Progress Against Money Laundering and Terrorist Financing

The FATF has evaluated Spain’s progress against money laundering and terrorist financing:

  • 2014: Mutual Evaluation Report
  • 2019: 1st Regular Follow-up Report & Technical Compliance Re-Rating

Spain’s ongoing commitment to implementing the FATF recommendations is documented in the following reports.

Improvements Made by Spain

  • 2014-Present: Improvements and continued commitment to preventing financial crimes

Areas for Further Work

  • December 2019: Follow-Up Assessment

FATF’s Annual Report

The FATF’s Annual Report for the 2021-2022 period documenting significant achievements in countering financial crimes worldwide:

  • Confirmed: Spain’s ongoing commitment to implementing the FATF recommendations
  • Focus: Enhancing regulatory frameworks and international cooperation