Spain

Spain

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Country contact

Nielson Sanchez-Stewart,
Sanchez-Stewart Abogados,
General Arrando, 36,
3-28010 Madrid,
abogados@sanchez-stewart.com
www.sanchez-stewart.com

The Servicio Ejecutivo de la Comisión de Prevención de Blanqueo de Capitales. SEPBLAC.

  • a) The conversion or transfer of assets, knowing that said assets come from a criminal activity or participation in a criminal activity, with the purpose of concealing the illicit origin of the goods or of helping people who are involved in circumventing the legal consequences of their actions.
  • b) The concealment of the nature, origin, location, disposition, movement or real ownership of property or property rights, knowing that said assets come from a criminal activity or participation in a criminal activity.
  • c) The acquisition, possession or use of assets, knowingly, at the time of receipt thereof, that they come from a criminal activity or participation in a criminal activity.
  • d) Participation in any of the activities mentioned in the previous letters, the association to commit this type of acts, the attempts to perpetrate them and the fact of helping, instigating or advising someone to perform them or facilitate their execution.

The Servicio Ejecutivo de la Comisión de Prevención de Blanqueo de Capitales. SEPBLAC.

When they participate in the conception, realization or advising of operations on behalf of clients related to the sale of real estate or commercial entities, the management of funds, securities or other assets, the opening or management of accounts currencies, savings accounts or securities accounts, the organization of contributions necessary for the creation, operation or management of companies or the creation, operation or management of trusts, companies or analogous structures, or when acting on behalf of clients in any financial or real estate transaction.

Also, when in a professional manner and in accordance with the specific regulations applicable in each case, provide the following services to third parties: establish companies or other legal persons; exercise functions of direction or secretary of a company, partner of an association or similar functions in relation to other legal persons or arrange for another person to exercise said functions; provide a registered address, commercial, postal, administrative and other related services to a company, association or any other legal instrument or person; to act as trustee in an express trust or similar legal instrument or to arrange for another person to exercise said functions; or exercise shareholder functions on behalf of another person, except companies that are listed on a regulated market and are subject to information requirements that comply with community law or equivalent international standards, or provided that another person exercises said functions.

Know your client, follow the money, file the pertinent documents, report your suspicion and stop your activities without telling your client

Yes

Is there a set framework in place or guidelines to assist with this?

Not quite

Yes

  • a) Entities recognised under the public law of the Member States of the European Union or equivalent third countries.
  • b) Financial institutions domiciled in the European Union or in equivalent third countries that are subject to supervision to ensure compliance with due diligence measures.
  • c) Companies listed on the stock exchange whose securities are admitted to trading on a regulated market in the European Union or equivalent third countries.

Yes. Some obligations are not applicable to entities who employ less that 10 people and have an annual income of 2m.

Yes

It is possible to rely on third parties subject to Spanish Law for the application of the due diligence measures with the exception of the continuous monitoring of the business relationship.

However, the obligated parties will maintain full responsibility for the business relationship or operation, even if the breach is attributable to the third party, without prejudice, where appropriate, to the latter's responsibility.

It is also possible to rely on third parties subject to legislation for the prevention of money laundering and terrorist financing of other Member States of the European Union or of equivalent third countries, even if the documents or data required therein are different of those foreseen in Spanish Law.

It is prohibited to rely on third parties domiciled in third countries not qualified as equivalent or in respect of which the European Commission adopts the decision referred to in the Additional Provision of this Law.

The recourse to third parties for the application of the due diligence measures requires the prior completion of a written agreement between the obligated party and the third party, in which the respective obligations are formalized.

The third parties shall put at the immediate disposal of the obligated party the information obtained when applying the due diligence measures. Likewise, third parties shall send to the obligated party, at the request of the latter, a copy of the relevant documentation in accordance with this section.

When he/she acts in matters indicated in number 7 and suspect or know the existence of money laundering.

Lawyers are not subject to the obligations of reporting suspicious activities with respect to the information they receive from one of their clients or obtain when determining the legal position of their client or when defending the said client in judicial proceedings or in relation to them, including advice on the initiation or avoidance of a process, regardless of whether they have received or obtained such information before, during or after such processes

Yes

The communication of information in good faith to the competent authorities according to Spanish Law by the obligated subjects or, exceptionally, by their managers or employees, will not constitute a violation of the restrictions on disclosure of information imposed by contract or by any legal provision, regulatory or administrative, and will not imply for the obligated subjects, their managers or employees any type of responsibility.

Yes

It was necessary to apply the same measures to existing clients before 2015 and from then on every time that the conditions of the client varied.

Tax declarations, bank certificates, information in respect of the usual occupation of the client.

Consultation on data base, Worldcheck, Google, etc.

By laws, registration in public registries and information in respect of partners

Yes

If yes, what were the findings concerning Lawyers' compliance with the FATF 40+9 recommendations?

It was considered that lawyers do not collaborate enough with the monetary authorities as there have been few reports.