ANTI-MONEY LAUNDERING

Lawyers, Notaries, Estate agents, Builders and Banks are required to obtain evidence of identity Money Laundering for both existing and new clients. In certain circumstances they will be obliged to reveal information to the appropriate authorities in relation to suspicion of money laundering or the proceeds of crime.

 

 

In 1993 the Executive Service of the Commission for Monitoring Exchange Control Offences - created by Royal Decree 2391/1980 of 10 October 1980, as the operating arm of that Commission and assigned to the Banco de España - received its current name of Executive Service of the Commission for the Prevention of Money Laundering and Monetary Offences (Servicio Ejecutivo de la Comisión de Prevención del Blanqueo de Capitales e Infracciones Monetarias - known by its Spanish abbreviation SEPBLAC). It has progressively focused on the prevention and investigation of money laundering.

The Executive Service is a body supporting the Commission for the Prevention of Money Laundering and Monetary Offences. Law 19/1993 of 28 December 1993 established the functions of the Service and of the Commission.

The functions of the Executive Service as set forth in Article 15.2 of Law 19/1993 are as follows:

·              Rendering assistance to the judicial bodies, the Public Prosecution Department, the criminal police and the competent administrative bodies.

·              Reporting to these bodies and institutions on the conduct giving reasonable indications of a criminal offence or, as the case may be, an administrative infringement.

·              Receiving the communications and information that subject persons are obliged to send concerning any event and transaction with regard to which there is reason to believe or certainty that it is related to money laundering. These reports may be submitted at the initiative of the subject persons or they may be required by the Executive Service.

·              Analysing the information received and taking the further action called for in each case.

·              Carrying out the instructions and following the guidelines given by the Commission, and submitting to it the reports that it requests.

·              Monitoring the suitability of the internal control and communication procedures and bodies established by the parties subject to anti-money laundering law and proposing the necessary corrective measures.

·              Providing such support to the Commission for Monitoring Terrorist Financing Activities as is required to enable it to properly exercise and perform its functions, execute its orders and guidelines and ensure that the law regulating this Commission is applied in accordance with the instructions received from it.

·              The other functions provided for in Law 19/1993 or assigned to it by the legal provisions in force.

In addition to the foregoing, it also carries out the functions referred to in Article 12 of Law 19/2003 of 4 July 2003 on the legal system for capital movements and foreign economic transactions and on certain measures to prevent money laundering.