SPANISH REGULATIONS ARE APPROVED TO IMPLEMENT THE SPANISH ANTI-MONEY LAUNDERING ACT 2010

The Spanish Official Gazette has published the new Spanish Regulation implementing Act 10/2010 to combat money laundering and the financing of terrorism, which was enacted in April 2010.

That Act introduced several measures aimed at combating money laundering and the financing of terrorism. This was accomplished by implementing four primary steps. Firstly, a basic obligation was established that any transaction suspected of being connected with money laundering or the financing of terrorism must be reported to the Executive Service of the Commission for Anti-Money Laundering and the Financing of Terrorism (the "Executive Service"). In relation to that reporting duty, the Anti-money Laundering Act introduced a reporting system according to which each individual subject to the Act must designate a representative to liaise with the Executive Service and who would be held liable for compliance with that duty.

Furthermore, plans have been made to create a Financial Entitlements File, which will provide the Spanish Ministry of Finance with personal data on all holders of bank accounts and term funds operating in Spain. However, the new File has not yet been created.

Last but not least, it should also be mentioned that the new Spanish Regulation implements the recommendations made in 2012 by the Financial Action Task Force.