Alba Navarro, our legal consultant states that “the experts on the prevention of money laundering and terrorist financing say that companies in the real estate sector are not complying with the corresponding law. To be precise, they highlight the fact that internal procedures are not being implemented, such as the internal whistleblowing channels that are provided for in Spanish law, and the non-compliance of this can lead to fines of 60,000 euros”.
Moreover, SEPBLAC, the supervisory authority, has focused on this sector due to the fact that, among other things, not enough studies are carried out to identify the source of the resources used to purchase property.
The report presented by the supervisory authority states that in 2017 there were 44 notifications from real estate developers, estate agents and other commission-based brokerage companies (2 less than the year before). Along with those of another 158 land registrars. The main problem is with the small companies of the sector that do not think it is important to comply with the aforesaid Law on the Prevention of Money Laundering and Terrorist Financing.