Anti-Money Laundering Newsletter - April 2021
Spain -
Main legal developments and news in relation to the Prevention of Money Laundering and Terrorism Financing (AML/TF).
Spain transposes the 5th Directive on the prevention of money laundering
The V Directive (2018/843) on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, has been incorporated into our legal system by means of Royal Decree-Law 7/2021, of April 27, on the transposition of European Union directives approved this Tuesday, April 27, 2021 by the Council of Ministers and published in the BOE on April 28.
Legislation and publications of official bodies
- The Commission for the Prevention of Money Laundering and Monetary Infringements has published the list of positions determining Politically Exposed Person (PEP) status
- Countdown for the transposition of the “whistleblowing” or anonymous reporting channel Directive
- The EBA launched a public consultation on changes to its guidelines regarding the supervision of anti-money laundering systems with a risk-based approach
- EBA highlights the main money laundering and terrorist financing risks in the EU’s financial sector
- The Spanish Public Treasury publishes its National Risk Analysis
- The Bank of Spain and the Commission for the Prevention of Money Laundering enter into a new agreement that sets out the basic rules for collaboration and coordination between both entities
- The European Commission favors a new independent AML/CFT supervisor
- The U.S. updates its laws on the prevention of money laundering and terrorist financing
- The European Council intends to adopt new rules to avoid the spread of terrorist contents online
Risk jurisdictions in relation to AML/TF
- The lists of the FATF and the European Commission on non-cooperative jurisdictions in the field of money laundering and terrorist financing prevention are updated by in relation to countering have been updated
- Spain will not include Gibraltar on the list of tax havens after the entry into force of the tax agreement
- The European Council adds Dominica to the EU list of non-cooperative jurisdictions for tax purposes and removes Barbados
International sanctions regime
- European Council renews EU terrorist list for another six months
- The EU revokes sanctions framework against Egypt and delists individuals
- United States singles out Cuba as state sponsor of terrorism
Judgments
- A Valencia court annuls a penalty imposed by Spanish tax Agency (AEAT) on a company for infringing the financial legislation on cash payments
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