Financial Crime World

Title: FATF Identifies Key Areas for Improvement in Spain’s Fight Against Money Laundering and Terrorist Financing

Overview

The Financial Action Task Force (FATF) has released a new report highlighting Spain’s progress and identifying key areas for improvement in its efforts to combat money laundering and terrorist financing.

Spain’s Progress and Significant Successes

  • FATF praises Spain’s progress since 2006 evaluation
  • Commendable efforts to investigate and prosecute money laundering cases

Areas for Improvement

Targeted Financial Sanctions

  • Weaknesses in the implementation of targeted financial sanctions

Money Laundering Risks

  • Various money laundering risks: organized crime, drug trafficking, terrorism

Asset Freezing Measures

  • Suggestions for improvements to Spain’s asset freezing measures in countering terrorist financing

Sectors with Inconsistent Implementation

  • Warnings about inconsistent implementation in other sectors, especially in law enforcement and financial supervision

FATF’s Evaluation and Recommendations

  • Comprehensive evaluation of Spain’s anti-money laundering and counter-terrorist financing system
  • Identified areas for improvement using the revised FATF Recommendations from 2012

Quotes from FATF President

  • “Spain’s government has taken impressive steps to update its laws and institutions to tackle money laundering and terrorist financing.” - Roger Wilkins, FATF President

Documents and Media Inquiries