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Prevention of Money laundering… do we have any news?

We got them! The last day 31 of August was approved the Royal Decree-Law of urgency 11/2018 published in the BOE on September 4, 2018 for the purpose of approving the transposition of the fourth European Directive number 2015/849 of the European Parliament and of the Council of date 20 of May of 2015 dealing with this matter, let us remember that, this directive, amended law 10/2010 on the Prevention of Money laundering and the financing of terrorism.

Why is it approved on an urgent basis? To incorporate without further delays, our Spanish legal system to the European norms being the purpose of this unification normative, to add obligations, to the already established ones, to the Spanish law in matters of license or registration of the providers of Services to companies, hardening the sanctioning regime and regulating the different channels of denunciation providing greater protection for people.

For what purposes?

Reinforce the obligation to take reinforced measures with respect to those countries which the European Commission will list and publish.

Likewise, the concept of people of public responsibility (PRP) is redefined, disappearing the distinction between international and national. The approved RDL details the persons included in this figure and regulates its obligations.

Another important objective, particularly affecting traders of goods using cash as a means of payment, is the obligation for these cases, to comply with the prevention of money laundering obligations falling from 15,000 euros to 10,000 euros.

As commented at the outset, sanctions are hardened by adapting the maximum thresholds established by the EU and incorporating new rules on advertising, also defining new types of penalties. The maximum possible amount of the penalties to be imposed in the event of non-observance of the prevention obligations is amended.

Regarding the channels of denunciation, the aim of the new law is to define a system of communication or denunciation of those infringements that are of a confidential nature.

It regulates the creation of a new register of service providers to companies extending to the service providers to trusts. Important to highlight as a novelty, that all those individuals or legal entities that provide services, whether in a business or professional way, regarding activities related to the law, must register, prior to the beginning of their activities, in the Competent mercantile register. Different specifications are then regulated.

Legal entities must also (as a novelty) present a manifestation of who are their real holders in the mercantile register.

Finally, comment is maintained the obligation to retain the documentation for a period of 10 years, but, as a novelty, after 5 years since the termination of the relationship, the documentation stored until then will only be accessible to those bodies of Internal control or for those in charge of your legal defense.

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