Spain

Member since 1990

Spain's progress in strengthening measures to tackle money laundering and terrorist financing

20 Mar 2018

This report analyses Spain's progress in addressing the technical compliance deficiencies identified in the FATF assessment of their measures to combat money laundering and terrorist financing of December 2014. The report also looks at whether Spain has implemented new measures to meet the requirements of FATF Recommendations that changed since the 2014 mutual evaluation.
SPAIN: 1st REGULAR FOLLOW-UP REPORT & TECHNICAL COMPLIANCE RE-RATING

Spain’s progress to improve effectiveness in combating money laundering and terrorist financing

4 Dec 2019

Since its mutual evaluation in 2014, Spain has worked to improve the effectiveness of its national framework to combat money laundering and terrorist financing
Spain Follow-Up 2019

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 - Mutual Evaluation 2014

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

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. 

Other related content 

  • 4 Dec 2019

    Spain’s progress to improve effectiveness in combating money laundering and terrorist financing Since its mutual evaluation in 2014, Spain has worked to improve the effectiveness of its national framework to combat money laundering and terrorist financing
  • 20 Mar 2018

    Spain's progress in strengthening measures to tackle money laundering and terrorist financing This report analyses Spain's progress in addressing the technical compliance deficiencies identified in the FATF assessment of their measures to combat money laundering and terrorist financing of December 2014. The report also looks at whether Spain has implemented new measures to meet the requirements of FATF Recommendations that changed since the 2014 mutual evaluation.
  • 23 Feb 2018

    Outcomes FATF Plenary, 21-23 February 2018 Under the Presidency of Mr. Santiago Otamendi of Argentina, delegates discussed among other issues combatting terrorist financing, the assessment of Iceland, Iran's actions to address deficiencies in its AML/CFT system.
  • 22 Jun 2017

    Speech by Spanish Minister of Economy, Industry and Competitiveness Speech by Spain's Minister of Economy, Industry and Competitiveness, Mr Luis de Guindos, at the Heads of Delegation dinner, during the June 2017 FATF Plenary meeting in Valencia, Spain.
  • 24 Feb 2017

    Outcomes of the Plenary meeting of the FATF, Paris, 22-24 February 2017 Under the Spanish Presidency of Mr. Vega-Serrano, delegates discussed the global response to terrorist financing, improving transparency and beneficial ownership, and the mutual evaluation report of Sweden.
  • 21 Oct 2016

    Outcomes of the Plenary meeting of the FATF, Paris, 19-21 October 2016 Under the Spanish Presidency of Mr. Vega-Serrano, delegates discussed the global response to terrorist financing, the decline of correspondent banking relationships, transparency and beneficial ownership. Delegates also discussed the assessments of measures to combat money laundering and terrorist financing in Switzerland and the United States. The Plenary issued a statement on Brazil's progress to address the serious deficiencies identified in its mutual evaluation reports, and the important issues that remain unresolved
  • 13 Oct 2016

    FATF Plenary week from 16 – 21 October 2016 During the first Plenary meeting under the Spanish presidency, delegates will discuss, among other issues, the global response to terrorist financing, the decline of corresponding banking relationships, improving transparency and beneficial ownership, and the mutual evaluation reports of Switzerland and the United States.
  • 1 Jul 2016

    Objectives for the Spanish Presidency of the FATF 2016-2017 An overview of the objectives for the Spanish Plenary year July 2016-June 2017, as presented by FATF President Juan Manuel Vega-Serrano to the FATF Plenary in June 2016.
  • 5 Dec 2014

    Spain’s measures to combat money laundering and terrorist financing This report provides a summary of the anti-money laundering (AML) / counter-terrorist financing(CFT) measures in place in Spain as at the date of the on-site visit (21 April to 7 May 2014). It analyses the level of compliance with the FATF 40 Recommendations and the level of effectiveness of Spain’s AML/CFT system, and provides recommendations on how the system could be strengthened.
  • 5 Dec 2014

    Spain has strong measures to combat money laundering and terrorist financing but improvements needed, says FATF FATF has published the Mutual Evaluation Report of Spain, which reviews its anti-money laundering and counter-terrorist financing measures. The Spanish government has made great efforts to update its laws and institutions to deal with these risks, but some improvements are needed in certain key areas.
  • 25 Jun 2011

    Outcomes of the FATF Plenary meeting, Amsterdam, 23-25 June 2010 The Chairman's summary provides an overview of the major outcomes of the Plenary, during which India became a full member of the FATF and the mutual evaluations of the Kingdom of Saudi Arabia, India and Brazil were approved.
  • 22 Oct 2010

    Follow-up Report to the Mutual Evaluation Report of Spain This follow-up report provides an overview of the main changes made to the AML/CFT system in Spain since the adoption of the mutual evaluation report of Spain in June 2006. In October 2010, the FATF recognised that Spain had made significant progress in addressing deficiencies identified in their mutual evaluation report and decided that the country should be removed from the regular follow-up process.
  • 22 Oct 2010

    Outcomes of the FATF Plenary meeting, Paris, 20-22 October 2010 The Chairman's summary provides an overview of the major outcomes of the meeting of the FATF Plenary, during which the mutual evaluation of Argentina was approved, as well as follow-up reports of the Kingdom of Denmark, Spain and Sweden. The FATF Plenary also provided an update on AML/CFT improvements in Qatar and Azerbaijan
  • 23 Jun 2006

    Mutual Evaluation of Spain The key findings of the FATF Third Mutual Evaluation Report of Spain which was adopted by the FATF Plenary in June 2006.
  • 2 Jul 2001

    FATF Annual Report 2000-2001 Under the Presidency of Spain, the FATF made significant progress in the work on noncooperative countries or territories and the development of FATF-style regional bodies. The South American Financial Action Task Force, GAFISUD, was created.

Lead Ministry/Authority in the FATF Delegation

Others Ministries/Authorities

Observer

Head of delegation

Also member of