Financial transactions with foreign countries: Sanctioning system

SANCTIONING SYSTEM

 

Any natural or legal persons responsible for breaches of Act 19/2003, of 4 July, will be subject to penalties.

The PENALTIES provided for in article 8 of Act 19/2003, of 4 July, are classified as:

  • Very serious offences (article 8.2)
  • Serious offences (article 8.3)
  • Minor offences (article 8.4)

The following PENALTIES will be imposed for such breaches (article 9 of Act 19/2003, of 4 July):

  • Very serious offences:
    • A fine of between EUR 30,000 and the economic value of the transaction, and
    • A public or private warning.
  • Serious offences:
    • A fine of between EUR 6,000 and half the economic value of the transaction, and
    • A public or private warning.
  • Minor offences:
    • A fine of between EUR 3,000 and a quarter of the economic value of the transaction, and
    • A private warning.

 

PENALTY PROCEDURES.

  • The Secretariat of the Commission for the Prevention of Money Laundering and Monetary Offences is responsible for launching and instructing penalty proceedings.
  • Competence for imposing penalties is as follows
    • Penalties for very serious offences, the Council of Ministers, at the proposal of the Minister of Economic Affairs and Digital Transformation.
    • Penalties for serious offences, the Minister of Economic Affairs and Digital Transformation, at the proposal of the Secretary of State for the Economy and Business Support
    • Penalties for minor offences, the Director General of the Treasury and Financial Policy, at the proposal of the party instructing the case.

The penalty procedure of the infractions will be the one foreseen in Law 39/2015 of the Common Administrative Procedure of Public Administrations and Law 40/2015 of the Legal Regime of the Public Sector, both of October 1.