Money laundering in spanish
Ex-top spanish banker mario conde detained in money
Four people have been arrested in Spain on suspicion of money laundering linked to South American drug cartels. (Europol/Civil Gardia photo) According to a statement released on Wednesday, the Spanish Civil Guard confiscated cash, weapons, jewelry, and luxury cars from three properties near Madrid as part of a joint operation with Europol and the US Drug Enforcement Administration.
“The criminal enterprise used a network of hitmen to obtain bribes from other criminal organizations around Spain who were purchasing drugs from South American cartels to redistribute them locally,” according to Europol.
How is money laundered?
Yeah, extraterritorial jurisdiction occurs if money laundering offences were conducted entirely or partly outside of Spain (art. 301.4 of the Spanish Criminal Code, “CC”), but this is a question that is currently being discussed. The Supreme Court ruled that the underlying offense must be deemed a crime in the location where it was committed, or at the very least, prosecutable in our framework (Supreme Court Resolution, no 974/2016).
Judiciary officials are in charge of investigating and prosecuting money laundering offences. Public Prosecutors, State Attorneys, and/or the common prosecution are in charge of accusing.
Individuals: six years in prison; a fine of three times the amount of the laundered assets; three years of special disqualification from practicing one’s occupation or having a job within their industry; and the indefinite (maximum of five years) or permanent closure of companies.
Even, whether the offense is committed by an employer, a financial agent, or a public official, among others, during the course of their jobs, they face a 10-year special disqualification from employment or public office.
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In order to avoid any transactions related to money laundering or terrorist financing, the obliged organizations must authorize in writing and enforce the required policies and procedures on due diligence, monitoring, internal control, risk evaluation and management, regulatory enforcement, and communication. The required organizations must also adopt and enforce an explicit policy for client admission in writing.
In Article 28 of Spanish Act 10/2010, organisations are required to have their internal control measures reviewed annually by an external expert. The findings of this review, which must be reported in writing, will explain in detail the current internal control mechanisms, assess their efficacy, and propose changes or improvements as needed.
In the business partnership or in transactions with individuals with public liability, the obliged organizations must enforce enhanced due diligence procedures, according to Spanish Act 10/2010. A individual with public responsibility is a natural person who performs significant public tasks in another European Union Member State or in a non-EU country, as well as his or her immediate family and people considered near. The sixth final section of Spanish Act 19/2013, enacted on December 9, on accountability, access to public records, and good governance, modifies Spanish Act 10/2010 by broadening and improving the procedures for people in positions of public trust in Spain.
Spanish citizen arrested on money laundering charges
In collaboration with the United Nations Interregional Crime and Justice Research Institute, a training course for judges and prosecutors in Brazil on “Investigative tactics, case management, and data analysis to fight money laundering and the funding of terrorism” was held.
Curso de capacitación en Brasil para jueces y fiscales sobre técnicas de investigación, gestión de casos y análisis de datos para combatir el blanqueo de dinero y la financiación del terrorismo, realizado en colaboración con el Instituto Interregional de las Naciones Unidas para Investigaciones sobre la Delin
ii) Curso de capacitación en el Brasil para jueces y fiscales sobre técnicas de investigación, gestión de casos, y análisis de datos para combatir el blanqueo de dinero y la financiación del terrorismo, realizado en colaboración con el Instituto Interregional de las Naciones Unidas