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Spain’s Financial Crime Reporting Requirements Face FATF Scrutiny

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The Financial Action Task Force (FATF) has evaluated Spain’s compliance with its recommendations for combating financial crime. The report highlights areas where Spain has implemented the technical requirements effectively and those that require improvement.

Compliance with Recommendations

According to the assessment, Spain is largely compliant with Recommendation R.1, Assessing Risk and Applying a Risk-Based Approach, demonstrating its ability to identify and mitigate money laundering and terrorist financing risks. However, it falls short in implementing targeted financial sanctions related to terrorism and proliferation (R.6) and terrorist financing offense (R.5), where it is only partially compliant.

Strengths

• Spain has made significant progress in strengthening its national cooperation and coordination mechanisms (R.2)
• Regulation of non-profit organizations (R.8) has been improved
• Customer due diligence requirements (R.10) have been strengthened, as well as internal controls for financial institutions (R.18)

Areas for Improvement

• Implement measures to prevent the misuse of correspondent banking relationships (R.13)
• Enhance powers of supervisors (R.27)
• Improve regulation and supervision of DNFBPs (R.28)
• Strengthen transparency and beneficial ownership of legal persons and arrangements (R.24 and R.25)
• Regulate and supervise financial institutions more effectively (R.26)

Conclusion

While Spain has made significant progress in implementing the technical requirements to combat financial crime, it still needs to address several areas where it is partially or non-compliant with FATF recommendations.