Yes, the Kingdom of Spain has a sanctions regime governed by the Money Laundering and Counter-Terrorism Act 10/2010 of 28 of April, 2010, (“Act 10/2010”). Act 10/2010 implements Directive 2005/60/CE of the European Parliament and Council, of 26 October 2005, on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing.
Does Spain implement UN sanctions?
Does Spain implement an autonomous sanctions regime?
No. The sanctions regime implemented in Spain mainly consists of implementing EU legislative measures. Spain is a member state of the EU. The EU has the power to impose restrictive measures both on its own initiative and in accordance with Resolutions of the UNSC. Restrictive measures are set out by EU Regulations and Decisions which have direct effect and direct applicability. Therefore, restrictive measures are binding on EU member states. According to article 96(1) of the Spanish Constitution, UNSC Resolutions imposing sanctions will be part of Spanish Law once they have been published in the official journal (so-called Bolet.n Oficial del Estado (BOE) “BOE”).
What is the nature of the sanctions regime in Spain?
The infringement of the provisions set out in Act 10/2010 may give rise to administrative and criminal sanctions as follows:
administrative sanctions are established in Arts. 50 to 62 of Act 10/2010
criminal sanctions are established in Arts. 301 to 303 of the Spanish Criminal Code
Does Spain maintain a list of sanctioned individuals and entities?
Spain has not issued its own list as Act 10/2010 expressly refers to the EU and UN lists.
Are there any other lists related to sanctions in Spain?
Does Spain have a licensing or authorization system in place?
What are the consequences for a breach of sanctions in Spain?
The infringement of any EU restrictive measure is categorized as the most serious infringement and gives rise to sanctions under Act 10/2010.
In addition to a public warning addressed to the infringer, the administration can impose fines between EUR150,000 and any of the following amounts: (i) 5% of the net assets of the company or person being sanctioned, (ii) double the amount of the economic value of the given operation or (iii) EUR1,500,000. Furthermore, the infringement can lead to the removal of any administrative authorization granted to operate in the market.
Penalties imposed directly on individuals are also provided, such as fines between EUR60,000 and EUR600,000 or the prohibition to exercise any management task in the sanctioned company or in any other company prescribed by the law for a maximum of ten years.
As mentioned above, certain infringements may also give rise to criminal penalties.
Where are the relevant regulators in Spain and what are their contact details?
The relevant regulator is La Comisión de Prevención del Blanqueo de Capitales e Infracciones Monetarias, (the Commission for the Prevention of Money Laundering and Finantial Infringements, within the Ministry of Economy Secretary of State, so-called the “SEPBLAC”) which is located in Madrid.
La Comisión de Prevención del Blanqueo de Capitales e Infracciones Monetarias Calle de Alcalá 48
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