Financial Crime World

Financial Sanctions List in Spain: Key Authorities, Legislation, and Enforcement Measures

Overview

Spain’s financial sanctions list is managed by various authorities, each responsible for specific aspects of sanctions implementation.

Key Authorities

  • Ministry of Foreign Affairs, European Union and Cooperation: responsible for foreign policy, including sanctions
  • Secretariat General of Treasury and International Financing: handles financial sanctions and licenses
  • Ministry of Economy, Commerce, and Business: regulates import and export licenses
  • Unit of International Trade of Services and Digital Trade: in charge of military and dual-use goods and technology export and import licenses

Monitoring Compliance

  • Financial Intelligence Unit (Sepblac)
  • Bank of Spain
  • National Securities Market Commission
  • General Directorate of Insurance and Pension Funds: monitor compliance with sanctions

Legislation

Spain’s anti-money laundering legislation, Law 10/2010, has been supplemented by Royal Decree 304/2014. Violations of sanctions can result in:

  • Monetary penalties ranging from €60,000 to €5 million
  • Public or private warnings
  • Fines
  • Disqualification of entity managers

Reporting Requirements

Individuals and entities are required to report immediately the freezing of funds owned or controlled by a sanctioned entity to the General Secretariat of Treasury and Financial Policy. The communication must include:

  • All relevant data, such as:
    • Holder
    • Amount
    • Nature of the frozen or blocked funds or economic resources

Export Control Regime

Spain’s export control regime is governed by Law 53/2007 and Royal Decree 679/2014. The Ministry of Economy, Commerce, and Business provides guidance on international sanctions, including those related to:

  • Defence material
  • Dual-use products

Additionally, import and export procedures for Russia are outlined in a specific procedure for authorizations.

Enforcement

The enforcement of financial sanctions is taken seriously by Spanish authorities, with penalties ranging from monetary fines to disqualification of entity managers. Regulatory bodies work closely together to monitor compliance with sanctions and prevent violations.