Politics · Spain · 2 hrs ago
Spain to form anti-money-laundering council before November election
Spain’s Economy Ministry has approved a new national council to coordinate efforts against money laundering, terrorist financing and the funding of weapons proliferation.
The council will provide a permanent forum for public-private cooperation, including information sharing between authorities and regulated organisations.
It can also issue guidance and recommend ways to address weaknesses in the system.
The council will have a president and 21 members, and must meet at least once a year.
Its first meeting is due before the November 29 general election, with the ministry giving participants up to a month to establish it.
A separate planned agency to oversee, inspect and penalise money laundering has been put on hold after the election was called.
The government formed after the vote will need to adapt Spanish law to EU anti-money-laundering rules by July 10, 2027.
Spain’s Economy Ministry will establish a national council to coordinate public-private efforts against money laundering and terrorist financing.
The council’s first meeting is due before the general election on 29 November.
The council will promote cooperation and information-sharing among authorities and regulated entities.
A separate proposed financial integrity authority has been put on hold after the early election was called.
The government formed after the election will have to align Spanish rules with the European anti-money-laundering package by 10 July 2027.
- Who
- Spain’s Economy Ministry, led by Carlos Cuerpo, is establishing the council.
- What
- It is creating a council for preventing money laundering, terrorist financing and the financing of the proliferation of weapons of mass destruction.
- When
- Its first meeting is due before the general election on 29 November.
- Where
- Spain.
- Why
- To provide a structured, permanent way for public authorities and private entities to collaborate and share information.
This story does not have two clearly opposing sides.
Spain approved its 2026-2030 national strategy against money laundering and terrorist financing and a draft anti-money-laundering law.
The Economy Ministry published the ministerial order authorising the council’s establishment.
The council’s first meeting is due to take place before the general election.
The deadline for transposing the European anti-money-laundering package into Spanish law.
- Council membership
- A president and 21 members
- Meeting frequency
- At least once a year
- First meeting deadline
- Before the 29 November general election
- National strategy
- 2026-2030
- EU rules transposition deadline
- 10 July 2027
What people are saying
as a meeting point
public-private collaboration in a structured and permanent way, with a specific regulatory framework that allows it to properly perform its functions