Here is the rewritten article in Markdown format:

Financial Crime Risks in Spain on the Rise, Experts Warn

Madrid - A recent report has highlighted a number of areas where Spain falls short in its efforts to combat financial crime, including money laundering and terrorist financing.

Downgraded Rating

The country’s rating for implementing anti-money laundering and counter-terrorism financing measures has been downgraded by the Financial Action Task Force (FATF), citing weaknesses in several key areas. Specifically:

• Assessing Risk: Spain is “partially compliant” with FATF recommendations on assessing risk and applying a risk-based approach.
• Confiscating Assets: The country was found to be partially compliant when it comes to confiscating assets related to money laundering.
• National Cooperation and Coordination: Spain was found to be “largely compliant” in this area, but fell short in several others.

Weaknesses Identified

The report highlighted several weaknesses in Spain’s financial system, including:

• Lack of Transparency and Secrecy Laws: Financial institutions have been criticized for their lack of transparency and secrecy laws, which make it difficult for regulators to monitor suspicious transactions.
• Customer Due Diligence: The country’s customer due diligence processes were found to be lacking, making it difficult to detect and prevent financial crime.
• Record-Keeping Requirements: Weak record-keeping requirements also contributed to the identified weaknesses.

Experts’ Concerns

Experts warn that these deficiencies could lead to a rise in financial crime in Spain, including money laundering and terrorist financing. “Spain needs to take immediate action to address these weaknesses if it wants to maintain its reputation as a stable and secure financial hub,” said a leading expert on financial crime.

International Response

The report’s findings have sparked concerns among investors and regulators alike, with some calling for stricter regulations and enforcement measures. “Spain needs to show that it is serious about tackling financial crime and protecting the integrity of its financial system,” said a spokesperson for a major international bank.

Spanish Authorities’ Response

In response to the report, Spanish authorities have pledged to take swift action to address the identified weaknesses. “We are committed to implementing the necessary reforms to ensure that Spain remains a leader in the fight against financial crime,” said a government spokesperson.

FATF Recommendations

The Financial Action Task Force (FATF) is an inter-governmental organization that sets standards for anti-money laundering and counter-terrorism financing measures worldwide. Its recommendations are considered the global standard for combating financial crime, and countries are expected to implement them in order to maintain their international reputation.