Money laundering in Spain

Money laundering in Spain "Spain is now one of the top European nations impacted by money laundering. The depth and extent of the illegal activities that encompass “money laundering” have perplexed Spanish authorities. Although the Spanish government has adopted a number of measures to control money laundering, the failure of such efforts is evident. Recent statistics show that money laundering has become the most prevalent illicit activity in Spain.

Money laundering in Spain occurs through “the acquisition, use, conversion or transfer of any property derived from criminal activities related to drugs, armed gangs and terrorist organizations or groups, to hide or disguise its origin or helping a person involved in criminal activity to evade the legal consequences of his acts, and the concealment or disguise of his true nature, source, location, disposition, movement or ownership or rights over them, even when generating activities that take place in the territory of another State.” This definition embraces Spain’s current challenges. Not only is money laundering being initiated in Spain, but tainted money arising from activities outside of Spain’s borders are being hidden within Spain."

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