Sectoral Risk Assesment of Proliferation Financing
Proliferation Financing (hereinafter, PF) of weapons of mass destruction (hereinafter, WMD) is significant do to the mobilization of funds and the introduction into the international financial system of illicit funds used for the manufacture, acquisition, or transport of sanctioned goods or the development of nuclear weapons.
Proliferation financing of WMDs is a constantly evolving challenge of international significance, in response to which various organizations have established measures. On the one hand, the United Nations, through resolutions issued by the Security Council (hereinafter UNSC), and on the other, the Financial Action Task Force (hereinafter FATF), have established proliferation financing of WMDs as a third pillar to be addressed from a preventive perspective. Obligations in this area are set forth primarily in Recommendation 7 of the FATF standards, though it should be noted that Recommendation 1 establishes the need to analyze the risk of WMD financing, and Recommendation 2 emphasizes international cooperation in this area. The effectiveness of compliance with WMD financing obligations is assessed in Immediate Outcome 11.
The first assessment of risks in the vocational training sector was conducted in the 2020 National Risk Assessment, which included a specific section on risks of non-compliance with international financial sanctions. This same analysis was carried out in the 2024 Addendum to the National Risk Assessment.
The overall objective of this sectorial risk analysis is to identify and understand the threats, vulnerabilities, and risks related to FP in Spain. All relevant stakeholders, from both the public and private sectors, participated in this analysis.
LINK: Sector specific risk analysis financing of proliferation.
Funding defence: regulatory aspects and compliance
Opening remarks
- Julían Conthe, Director-General for Trade Policy and Economic Security..
- Alejandra Kindelán, President of the Spanish Banking Association (AEB).
Spanish export control legislation
- Rafael Coloma, Deputy Director-General for International Trade in Defence and Dual-Use Goods..
The use of Suspicious Transaction Reportsto prevent the proliferation of weapons of mass destruction and dual-use items
- Antonio Sevilla, Chief Inspector of the National Police, National Police Unit attached to SEPBLAC.
- Antonio Lorente, Senior AML/CFT Expert, SEPBLAC.
Risks relating to Proliferation Financing for weapons of mass destruction in Spain
- Irene Sánchez Pérez, Advisory Member of the Sub-Directorate-General for the Inspection and Control of Capital Movements.
The legal framework and procedures governing targeted financial sanctions in the field of non-proliferation of weapons of mass destruction
- María Antonia Ripoll Fornés, Advisory Member of the Sub-Directorate-General for the Inspection and Control of Capital Movements.
The role of the ICO in the defence and dual-use equipment market
- Manuel Illueca Muñoz, President of the Official Credit Institute (ICO)..