Draft proposal on reform of the Spanish Money Laundering Act
The Spanish Council of Ministers is currently analysing a new preliminary draft law which would reform the Spanish Money Laundering and Financing of Terrorism (Prevention and Control) Act ["Ley de prevención del blanqueo de capitales y de la financiación del terrorismo"] and adapt it to European regulation.
To this effect, the preliminary draft extends the number of individuals and organisations affected by the Act and increases security measures through the creation of new internal whistleblower mechanisms, reinforcement of public responsibility controls, and the equalisation of national and foreign public organisations.
The draft law also amends the sanctions regime for breach of the regulations, where maximum fines will be held at 5% of an entity's net assets or 10% of a group's consolidated business volume. Additionally, the draft reinforces the cooperation systems between European supervisors dedicated to combatting money laundering.