National Risk Assesment 2020
In Spain, various risk analyses and assessments related to ML/CTF have been conducted for several years, although these analyses are sector-specific or focus on specific activities or regional risks. The 2020 National Risk Assessment is the first comprehensive exercise in which Money Laundering and Terrorist Financing risks were systematically analyzed at the national level. Its development involved the participation of all public authorities with jurisdiction in this area, as well as exchanges with the private sector, which together form the basis of the current document.
This document aims to review and update the various existing risk assessments, with the participation of authorities and institutions involved in the fight against Money Laundering and Terrorist Financing, and, furthermore, to consolidate the conclusions of this study into a single document that can be disseminated.
Specifically, the National Risk Analysis aims to:
- Define the national framework regarding AML/CFT and its scope of action within the European and international context.
- Integrate into a single document the analyses and conclusions from various existing documents on risks and threats in these areas, taking into account the framework of the National Security System.
- Review the threats to which Spain is exposed and their significance in determining the risk of AML/CFT.
- Specify the general vulnerabilities of the system and detail their evolution across different sectors.
- Identify the inherent risks present in each sector or type of activity based on an analysis of their intrinsic circumstances, threats, and vulnerabilities.
- Identify and assess residual risks after implementing measures adopted in the regulatory, preventive, supervisory, and financial intelligence domains.
- Identify those sectors that, due to their exposure to risk, are considered priorities for the development of mitigation measures.
Determine courses of action for mitigating the identified risks. - This document was approved by the COPBLAC at its meeting on July 16, 2020.