FATF: FOLLOW-UP AML/CFT ASSESSMENT REPORT ON SPAIN

On 4th December, FATF published the 5th annual follow-up report on Spain following its mutual evaluation in 2014.  To reflect the country’s progress, the FATF has re-rated Spain on 2 of the Immediate Outcomes (IO) that measure a country’s effectiveness in applying FATF Recommendations.

IO.4 – Spain is now achieving a substantial level of effectiveness in ensuring that financial institutions and lawyers, real estate agents and other non-financial businesses and professions apply preventive measures to address the money laundering and terrorist financing risks they face, and report suspicious transactions.  Consequently, FATF re-rated Spain from Moderate to Substantial.

IO.11 – Spain is now achieving a substantial level of effectiveness in preventing persons and entities involved in the proliferation of WMD from raising, moving and using funds, consistent with the relevant UN Security Council Resolutions.  Therefore, FATF re-rated Spain from Moderate to Substantial.

FATF points out that Spain is now achieving high or substantial levels of effectiveness on 10 of the 11 IO, and must now focus on the remaining one, by strengthening the effectiveness of its measure to prevent terrorists and terrorist organisations from raising, moving and using funds and from abusing the non-profit sector.  It will remain in regular follow-up, and will continue to report back to the FATF on progress to strengthen its implementation of AML/CFT measures.

http://www.fatf-gafi.org/media/fatf/documents/reports/fur/Follow-Up-Assessment-Spain-2019.pdf

spain

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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