International cooperation

International cooperation regarding information exchanges with financial intelligence units and supervisory policies with other foreign competent authorities.

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Money laundering and terrorist financing have an important global dimension, which, for the purposes of prevention, requires an intense international cooperation in terms of both financial intelligence and the supervisory scope.

Supervision

Sepblac, as national Supervisory Authority in relation to the prevention of money laundering and terrorist financing, cooperates with authorities with similar powers from other States.

Within the European Union (EU) framework, Sepblac participates in a specialized committee by the European Supervisory Authorities and cooperates in the preparation of its rules and regulations.

Financial intelligence

Sepblac maintains a continuous cooperation with the financial intelligence units from other States. This cooperation in essential in complex schemes of money laundering and terrorist financing with a transnational nature.

The information exchange within the EU is made via FIU-Net and, in the non-Community scope, via the Egmont Secure Web (ESW), in both cases with the appropriate guarantees in terms of security and confidentiality of shared information.

Some especially relevant international organizations for the prevention of money laundering and terrorist financing are listed below:

  • Financial Action Task Force (FAFT)Intergovernmental organization created in 1989 of which Spain has been a member since 1990 and has presided twice. Among its objectives, FAFT aims the implementation of standards and the effective promotion of legal, regulatory and operational measures for the prevention of money laundering and terrorist financing. FAFT has developed a series of international reference recommendations that constitute the basis for the elaboration of a coordinated response to the current threats to the integrity of the international financial system.
  • Egmont GroupOrganization of which Sepblac is a member since 1995 that groups more than 150 financial intelligence units from around the world that provides tools for the exchange of resources in relation with the prevention of money laundering and terrorist financing.
  • Caribbean Financial Action Task Force (CFAFT)Organization formed at the early 90s, in which Spain holds the status of co-operating and supporting nation, which groups several Caribbean States and territories that have agreed to implement common countermeasures in order to prevent money laundering, terrorist financing and the financing of the proliferation of weapons of mass destruction.
  • Financial Action Task Force of Latin America (GAFILAT)Intergovernmental organization created in 2000, of which Spain is an observer member, whose purpose is the prevention of money laundering and terrorist financing by improving national policies and deepening cooperation mechanisms between member States.
  • Middle East and North Africa Financial Action Task Force (MENAFATF)Independent organization created in 2004, of which Spain is an observer member, that, among other purposes, include adopting FATF recommendations; implementing the treaties, agreements and resolutions by the United Nations and its Security Council; and the regional co-operation among countries within the Middle East and North Africa region regarding the prevention of money laundering and terrorist financing.