Financial Crime World

Title: Spain’s Role in Implementing Sanctions: A Look at the Regime and Consequences

Spain’s Sanctions Regime: Introduction

The Kingdom of Spain plays a crucial role in the global financial system, implementing a comprehensive sanctions regime based on various legislative acts. This article explores Spain’s sanctions regime, its legal framework, Spain’s adherence to UN and EU sanctions, consequences for breaching sanctions, and the relevant regulators.

  • Spain’s sanctions regime is outlined in key legislations:

    • Money Laundering and Counter-Terrorism Act 10/2010
    • Royal Decree 304/2014
    • Act 12/2003
    • Act 19/2003

  • Act 10/2010 primarily implements the European Parliament and Council Directive 2015/849, aiming to tackle money laundering and terrorist financing.

2. Implementation of UN and EU Sanctions

  • Spain strictly adheres to UN sanctions
  • EU legislative measures, like Act 10/2010, are implemented as Spenceran law

3. Nature of Spain’s Sanctions Regime

  • Administrative and criminal penalties for violating provisions
  • Administrative penalties:
    • Fine ranging from €150,000 to 10% of a company’s net assets
    • Double the economic value of the infringing operation
  • Criminal penalties:
    • Finest, imprisonment, disqualification from management roles

4. List of Sanctioned Individuals and Entities

  • Spain does not maintain its own list of sanctioned entities
  • Refers to EU and UN lists as point of reference

5. Consequences of Sanctions Breaches

  • European restrictive measures’ consequences:
    • Fines
    • Public warnings
    • Administrative authorizations removal/suspension for companies
    • Fines, imprisonment, ban on management tasks for individuals

6. Relevant Regulators

  • Spain’s sanctions enforcement is carried out by:
    • La Comisión de Prevención del Blanqueo de Capitales e Infracciones Monetarias (SEPBLAC)
  • Contact information: Calle de Alcalá 48, Madrid; (+34) 913 38 88 08

Conclusion

Spain’s commitment to maintaining a robust sanctions regime and ensuring compliance with international regulations is evident through its legal framework and regulatory efforts. In the ever-evolving global financial landscape, Spain continues to play a vital role in sanction implementation.