ECB comments Spanish Money Laundering legislation
According to the European Central Bank, the Spanish draft law on money laundering and terrorist financing is a positive step, but it should also ensure that the independence of the Central Bank does not suffer.
The draft law unifies the rules to prevent money laundering and terrorist financing. SEPBLAC, financial intelligence unit, which is attached to the Spanish central bank, is partly responsible for these tasks.
The ECB said that the Bank of Spain should have budgetary approval power for SEPBLAC. On September 14, the ECB stated that “Before the SEPBLAC’s budget is approved by the Commission (for the prevention of money laundering), it should be agreed by the Banco de Espana as it will affect the financial independence of the Banco de Espana”. Also, it said that the Bank of Spain should also be statutorily freed from liability for the actions of SEPBLAC staff because they have governmental functions.