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Spain: Financial ownership file and money laundering prevention

Spain: Financial ownership file and money laundering prevention PurposeThis paper analyses the legal configuration of the Spanish financial ownership file and identifies its main legal shortcomings, as well as its necessity and proportionality.Design/methodology/approachThe primary and secondary sources of information on which this paper is based are statutes and reports issued by Spanish consultative bodies, respectively. Article 43 of Act 10/2010 of 28 April on the prevention of money laundering and terrorist financing created the “financial ownership file”, a publicly owned personal data file containing information on the opening and cancellation of all types of financial accounts. The recently enacted Royal Decree 304/2014 of 5 May approving the Regulations of Act 10/2010 contains further guidance.FindingsThe objective of the financial ownership file is laudable, but the way it has been configured is intrusive, disproportionate and creates new, burdensome obligations that it could be argued are unnecessary as there are already mechanisms in place to obtain the information in question. The recently enacted Regulations have legal shortcomings that could be challenged before the ordinary courts, which in turn could overturn some of their provisions (access rights, data protection, and monitoring).Originality/valueThis paper provides a comprehensive analysis of the Spanish financial ownership file, a topic not yet explored in great detail, and could be useful for other legislatures intending to implement similar systems in their countries. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Money Laundering Control Emerald Publishing

Spain: Financial ownership file and money laundering prevention

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Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
1368-5201
DOI
10.1108/JMLC-10-2014-0030
Publisher site
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Abstract

PurposeThis paper analyses the legal configuration of the Spanish financial ownership file and identifies its main legal shortcomings, as well as its necessity and proportionality.Design/methodology/approachThe primary and secondary sources of information on which this paper is based are statutes and reports issued by Spanish consultative bodies, respectively. Article 43 of Act 10/2010 of 28 April on the prevention of money laundering and terrorist financing created the “financial ownership file”, a publicly owned personal data file containing information on the opening and cancellation of all types of financial accounts. The recently enacted Royal Decree 304/2014 of 5 May approving the Regulations of Act 10/2010 contains further guidance.FindingsThe objective of the financial ownership file is laudable, but the way it has been configured is intrusive, disproportionate and creates new, burdensome obligations that it could be argued are unnecessary as there are already mechanisms in place to obtain the information in question. The recently enacted Regulations have legal shortcomings that could be challenged before the ordinary courts, which in turn could overturn some of their provisions (access rights, data protection, and monitoring).Originality/valueThis paper provides a comprehensive analysis of the Spanish financial ownership file, a topic not yet explored in great detail, and could be useful for other legislatures intending to implement similar systems in their countries.

Journal

Journal of Money Laundering Control – Emerald Publishing

Published: Jul 4, 2016

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