Publications

Spain transposes the 5th Directive on the prevention of money laundering

The V Directive (2018/843) on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, has been incorporated into our legal system by means of Royal Decree-Law 7/2021, of April 27, on the transposition of European Union directives approved this Tuesday, April 27, 2021 by the Council of Ministers and published in the BOE on April 28.

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Legislation and publications of official bodies

• The Commission for the Prevention of Money Laundering and Monetary Infringements has published the list of positions determining Politically Exposed Person (PEP) status
• Countdown for the transposition of the “whistleblowing” or anonymous reporting channel Directive
• The EBA launched a public consultation on changes to its guidelines regarding the supervision of anti-money laundering systems with a risk-based approach
• EBA highlights the main money laundering and terrorist financing risks in the EU’s financial sector
• The Spanish Public Treasury publishes its National Risk Analysis
• The Bank of Spain and the Commission for the Prevention of Money Laundering enter into a new agreement that sets out the basic rules for collaboration and coordination between both entities
• The European Commission favors a new independent AML/CFT supervisor
• The U.S. updates its laws on the prevention of money laundering and terrorist financing
• The European Council intends to adopt new rules to avoid the spread of terrorist contents online

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Risk jurisdictions in relation to AML/TF

• The lists of the FATF and the European Commission on non-cooperative jurisdictions in the field of money laundering and terrorist financing prevention are updated by in relation to countering have been updated
• Spain will not include Gibraltar on the list of tax havens after the entry into force of the tax agreement
• The European Council adds Dominica to the EU list of non-cooperative jurisdictions for tax purposes and removes Barbados

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International sanctions regime

• European Council renews EU terrorist list for another six months
• The EU revokes sanctions framework against Egypt and delists individuals
• United States singles out Cuba as state sponsor of terrorism

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Judgments

• A Valencia court annuls a penalty imposed by Spanish tax Agency (AEAT) on a company for infringing the financial legislation on cash payments

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