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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 competence for the initiation and instruction of the sanctioning procedures will correspond to the Secretaría de la Comisión de Prevención del Blanqueo de Capitales e Infracciones Monetarias Except for direct foreign investment in Spain, which will correspond to the body designated by the holder of the Dirección General de Comercio Internacional e Inversiones.
  • The competence for the imposition of the corresponding sanctions will be governed by:
    • The imposition of sanctions for very serious infringements will correspond to the Consejo de Ministros, at the proposal of the Ministra de Asuntos Económicos y Transformación Digital. Regarding foreign direct investment in Spain, the imposition of sanctions will correspond to the Consejo de Ministros, at the proposal of the owner of the Ministerio de Industria, Comercio y Turismo.
    • The imposition of sanctions for serious offenses will correspond to the Ministra de Asuntos Económicos y Transformación Digital, at the proposal of the Secretaria de Estado de Economía y Apoyo a la Empresa. En materia de inversiones extranjeras directas en España, corresponderá al titular del Ministerio de Industria, Comercio y Turismo, a propuesta del titular de la Secretaría de Estado de Comercio.
    • The imposition of sanctions for minor offenses will correspond to the Director General del Tesoro y Política Financiera, at the instructor's proposal. Regarding direct foreign investment in Spain, the imposition of sanctions will correspond to the holder of the Dirección General de Comercio Internacional e Inversiones, at the proposal of the examining body.

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.