Spain

Member since 1990

Mutual Evaluation of Spain - 2014

5 Dec 2014

The assessment of Spain is the first assessment to be completed using the 2012 FATF Recommendations, and the first country to undergo a comprehensive review of the effectiveness of its measures to combat money laundering and terrorist financing. 

Spain has a strong system to combat money laundering and terrorist financing, with up-to-date laws and regulations and sound institutions for combating these threats.  Certain key areas need improvements, such as the implementation of targeted financial sanctions to allow the freezing of terrorism-related assets and the terms of imprisonment for money laundering convictions, which are currently too low. 

Mutual Evaluation of Spain - 2014

Ratings

Technical Compliance

Ratings which reflect the extent to which a country has implemented the technical requirements of the FATF Recommendations.

Spain Follow-Up Assessment - 2019

R.1 - Assessing risk & applying risk-based approach
C
R.2 - National cooperation and coordination
LC
R.3 - Money laundering offence
LC
R.4 - Confiscation and provisional measures
C
R.5 - Terrorist financing offence
C
R.6 - Targeted financial sanctions related to terrorism & terrorist financing
PC
R.7 - Targeted financial sanctions related to proliferation
PC
R.8 - Non-profit organisations
LC
R.9 - Financial institution secrecy laws
C
R.10 - Customer due diligence
LC
R.11 - Record keeping
C
R.12 - Politically exposed persons
C
R.13 - Correspondent banking
C
R.14 - Money or value transfer services
C
R.15 - New technologies
C
R.16 - Wire transfers
C
R.17 - Reliance on third parties
LC
R.18 - Internal controls and foreign branches and subsidiaries
C
R.19 - Higher-risk countries
C
R.20 - Reporting of suspicious transactions
C
R.21 - Tipping-off and confidentiality
C
R.22 - DNFBPs: Customer due diligence
LC
R.23 - DNFBPs: Other measures
C
R.24 - Transparency and beneficial ownership of legal persons
LC
R.25 - Transparency and beneficial ownership of legal arrangements
LC
R.26 - Regulation and supervision of financial institutions
LC
R.27 - Powers of supervisors
C
R.28 - Regulation and supervision of DNFBPs
LC
R.29 - Financial intelligence units
C
R.30 - Responsibilities of law enforcement and investigative authorities
C
R.31 - Powers of law enforcement and investigative authorities
C
R.32 - Cash couriers
C
R.33 - Statistics
C
R.34 - Guidance and feedback
C
R.35- Sanctions
C
R.36 - International instruments
C
R.37 - Mutual legal assistance
C
R.38 - Mutual legal assistance: freezing and confiscation
C
R.39 - Extradition
C
R.40 - Other forms of international cooperation
C

C = compliant   |   LC = largely compliant     |   PC = partially compliant   |   NC = non-compliant

Effectiveness

Ratings that reflect the extent to which a country's measures are effective. The assessment is conducted on the basis of 11 immediate outcomes, which represent key goals that an effective AML/CFT system should achieve.

Ratings that reflect the extent to which a country's measures are effective. The assessment is conducted on the basis of 11 immediate outcomes, which represent key goals that an effective AML/CFT system should achieve.

Spain Follow-Up Assessment - 2019

IO1
SE
IO2
SE
IO3
SE
IO4
SE
IO5
SE
IO6
HE
IO7
SE
IO8
SE
IO9
SE
IO10
ME
IO11
SE

HE = high level of effectiveness   |   SE = substantial level of effectiveness    |   ME = moderate level of effectiveness   |   LE = low level of effectiveness

Since the assessment of the effectiveness of Belgium's measures to combat money laundering and terrorist financing in 2015, the country has been in an enhanced follow-up process.  The country reported back to the FATF in 2018 on the actions it had taken to strengthen its AML/CFT framework.  As a result of this report, the FATF rerated the country on 13 of the 40 Recommendations.  

Today, the country is compliant with 21 Recommendations, largely compliant with another 16 Recommendations, but remains partially compliant with 3 FATF Recommendations. 

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