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Financial Crime Risks in Spain Emerge as Concerns Grow

A recent evaluation by international financial watchdogs has revealed significant concerns about Spain’s ability to combat financial crime. The assessment, which rated Spain’s compliance with global anti-money laundering and terrorist financing standards, highlighted several areas of weakness.

Compliance with Global Standards

Spain received a mixed bag of ratings from the Financial Action Task Force (FATF), with some areas deemed compliant, while others were found to be largely or partially compliant. The evaluation revealed that Spain has not fully implemented measures to assess risk and apply a risk-based approach in all cases, as required by global standards.

National Cooperation and Coordination

Concerns were raised about national cooperation and coordination between law enforcement agencies and financial institutions, with the FATF concluding that these efforts are “largely compliant” rather than fully effective. The evaluation also noted that Spain’s laws criminalizing money laundering and terrorist financing are in place, but may not be fully implemented or enforced.

Transparency and Beneficial Ownership

The assessment also highlighted concerns about transparency and beneficial ownership of legal persons and arrangements, with Spain found to be only “partially compliant”. This lack of transparency can make it difficult for authorities to track the movement of funds and identify potential criminal activity.

Regulation and Supervision of Financial Institutions

Furthermore, the evaluation raised questions about the regulation and supervision of financial institutions, as well as the powers of supervisors. In these areas, Spain was deemed “compliant”, but concerns were expressed about the effectiveness of these measures in practice.

Correspondent Banking, Wire Transfers, and Reliance on Third Parties

The FATF evaluation also touched on issues related to correspondent banking, wire transfers, and reliance on third parties, among others. In each of these areas, Spain received a mixed rating, with some aspects deemed compliant or largely compliant, while others were found to be partially or non-compliant.

Conclusion

Overall, the assessment highlights the need for Spain to strengthen its efforts to combat financial crime and improve its compliance with global standards. The country’s authorities will need to address these weaknesses in order to ensure that the financial system is protected from criminal activity and terrorist financing.