Spain Transposes Directive on Money Laundering and Terrorism Financing

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The Council of Ministers yesterday authorized the adaptation of Spanish legislation to the EU directive against money laundering and financing of terrorism. The transposition of the rule comes seven months late, after the European Commission threatened to sanction Spain for this reason.

According to Moncloa, the Government yesterday gave the green light to the bill that partially modifies the Law on the Prevention of Money Laundering and the Financing of Terrorism, “with the purpose of adapting Spanish regulations to the European framework”.

In addition, the Government incorporated some news of the 5th Anti-Money Laundering Directive, which will be published throughout the first half of this year. The text must obtain the corresponding opinions and will return again to the Council of Ministers to be approved as a Bill and begin the parliamentary procedure.

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