Sunday, May 1, 1994
Volume:
10
Issue:
5
171
Abstract:
On December 28, 1994, the Spanish Government promulgated Law No. 19 of 1993 on measures to prevent money laundering. The new law took effect immediately. The new law regulates the obligations, activities and procedures to prevent and stop the use of the financial system, as well as other sectors of economic activity for money laundering relating to illegal drug trafficking, to activities relating to armed groups, organizations, or terrorist groups, and to activities of organized crime. Among other provisions, the law establishes a Commission to Prevent Money Laundering and Financial Violations under the Secretary of State for Economy in order to implement and coordinate the administration of the law?[more]