The Spanish Government has approved a partial reform of the Spanish Criminal Code, submitted by the Ministry of Justice, aimed at toughening the penalties imposed in respect of the most serious offences, providing for new types of crimes and punishing recidivism.

Among other changes regarding general criminal offences, the reform introduces the following innovations related to corporate crime:

  • It provides for the confiscation of the goods and profits generated by money laundering and forgery.
  • It introduces the concept of disloyal management. This offence is committed when someone manages a third party's assets and, by abuse or disloyalty, causes damage to those assets or generates a scenario where there is a risk of loss. It includes assumptions such as: the unauthorised sale of goods for lower than market value; providing credits without demanding collateral; contracting services that are unused or failure by Administrators to collect debts.
  • Measures are also to be adopted to protect enforcement, punishing conduct aimed at the concealment of goods or that poses a hindrance to enforcement.
  • In relation to Insolvency, new punishments have been brought in for creditors who are found to have acted fraudulently and insolvency administrators convicted of embezzlement or bribery.

For more information, please click here. Please note that the link refers to the original text, in Spanish.