IBERIA: Pay checks
As a consequence of the increased immigration flow into Spain, the money-remittance business has flourished in recent years. According to the Bank of Spain's official data, O4.23bn (pound 2.87bn) was transferred in 2005, compared with O2.3bn (pound 1.56bn) in 2002. On 10 August, the Ministry of...
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| Published in: | The Lawyer 2006-10, p.32 |
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| Format: | Article |
| Language: | eng |
| Subjects: | |
| Online Access: | Get full text |
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| Summary: | As a consequence of the increased immigration flow into Spain, the money-remittance business has flourished in recent years. According to the Bank of Spain's official data, O4.23bn (pound 2.87bn) was transferred in 2005, compared with O2.3bn (pound 1.56bn) in 2002. On 10 August, the Ministry of Economy's ministerial order (orden ministerial) was published. This order develops certain obligations of the money-remittance and money-exchange houses for the prevention of money laundering and the financing of terrorism. While Spain waits for the complete implementation of the EU directive to prevent the use of the financial system for money laundering and the financing of terrorism (it has to be implemented before 15 December 2007), this new regulation already complies with two of the basic EU objectives. First, it reinforces the prevention measures relating to money-remittance and money-exchange activities. Second, by developing and confirming existing obligations, it covers one of the financial institutions' main concerns - the lack of specific guidance and instructions from the authorities on these issues. |
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| ISSN: | 0953-7902 |