Anti-Money Laundering Newsletter - November 2021

The new European authority for the fight against money laundering will be operational in 2023

Within the fight against money laundering and terrorist financing, on July 20, 2021 the European Commission presented a package of measures to strengthen the EU AML/CTF rules. The proposals form part of the commitments undertaken in its Action Plan for a comprehensive Union policy on preventing these types of crimes, approved on May 7, 2020.

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Bank of Spain puts in place new register for virtual currency exchange providers and custodian wallet providers

This register, which was regulated in Spain last April to adapt the Spanish legislation to the 5th Anti-Money Laundering Directive, introduces a whole set of specific requirements to be taken into account by virtual currency exchange providers and custodian wallet providers.

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Legislation and publications of official bodies

• Non-face-to-face identification procedure for transmission of account information on the Iberpay (SNCE) platform may continue to be used if certain additional measures are implemented
• Now in force: Organic Law 6/2021 broadening definition of money laundering offender
• Sepblac deems it good practice for payment institutions and electronic money institutions to issue their own IBANs
• European Court of Auditors finds that EU efforts to fight money laundering in the banking sector are fragmentary and their implementation, insufficient
• Registrars and European Public Prosecutor’s Office sign anti-money laundering cooperation agreement
• Sepblac and the CNMV agree to review several institutions contemplated in inspection programs

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Risk jurisdictions in relation to AML/TF

• New update of the EU list of non-cooperative jurisdictions for tax purposes

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International sanctions regime

• EU Council adopts framework for sanctions to address situation in Lebanon
• EU terrorist list renewed for another six months
• Sanctions on Cuba: US approves new restrictive measures after July demonstrations

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Sanctions and judgments

• Supreme Court acknowledges importance of criminal compliance programs at companies
• Supreme Court clarifies which cases determine need to alert Sepblac of money laundering indicators
• Navarra Provincial Appellate Court dismisses money laundering complaint contrary to a report by public finance authority

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