Anti-Financial Crime & Financial Crime Compliance
Leadership | Insight | Network

Compliance News

Spain starts the legislative procedure to implement the fifth money laundering directive

Adapted from DLA Piper, written by Ricardo Plasencia and Enrique Hernández, edited by Elizabeth Hearst

New money laundering laws are set to be implemented in Spain, after the Spanish Ministry of Economic Affairs and Digital Transformation published a draft law that will implement the Fifth Money Laundering Directive from the EU. 

Key elements of the proposed legislation include changes to crowdfunding platforms, and impose registration of crypto currencies with a financial regulator. 

This new legislation proposes the inclusion of crowdlending and crowdfunding platforms, Real Estate Investment Trusts (REITs), providers of crypto currency, management company of security funds and independent external experts. 

In conjunction to the above, Real estate developers will only be subject to these directives if their annual income exceeds  €120,000 or earn a monthly income equal to or higher than €10,000. 

A single register will be created in the Ministry of Justice to centralize information on the Ultimate Beneficial Owner (UBO). This register will contain information on the UBO of all Spanish legal individuals and entities without legal representation who have their headquarters or main activity based in Spain.                                                                                                                                                                       

It also establishes the obligation for legal persons and entities without legal personality to obtain, retain and update information on their UBO for a period of 10 years and provide it to authorities and regulated entities. 

Original articles here:

AML Intelligence
We hope you enjoyed reading this article

If you would like unlimited access to AML Intelligence premium articles, newsletter delivered twice a week, access to our Global Bank Fines and Penalties database, free access to Boardroom Series events and much more, select one of our subscription options and become a subscriber!