Prevention of Money Laundering and Terrorist FinancingThe policy of prevention of money laundering has been present, since the late 1980s, in the actions of the Spanish authorities, in response to concerns raised by financial crime, resulting of drug trafficking, terrorism and organized crime, among other causes.
At the risk of using the financial system for money laundering and terrorist financing, a policy of prevention has been established in our country, involving institutions and comprising own legal rules, being the Act 10/2010 of 28 April, on prevention of money laundering and terrorist financing, the basic reference in this matter.
However, the risk of penetration of criminal organizations in the financial system at an international level, has led to a coordinated international policy, whose most important manifestation has been the creation of the Financial Action Task Force (FATF), whose recommendations have become the international standard in this matter and the inspiration of European directives.
For the implementation of the legislation and the policy against money laundering the COMMISSION FOR THE PREVENTION OF MONEY LAUNDERING AND MONETARY OFFENCES has been created. It is appointed to the Ministry of Economy and Business Support, and among other functions, the lead and the push roles of the activities of prevention of the use of the financial system or other sectors for money laundering or terrorist financing are attributed to it.
- Guidelines of the European Supervisory Authorities ( go to Documents and guidance /Guides and other documents)