Spain Country Summary

FATF Status

Spain is not on the FATF List of Countries that have been identified as having strategic AML deficiencies

Compliance with FATF Recommendations

The latest follow-up Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Spain was undertaken in 2019. According to that Evaluation, Spain was deemed Compliant for 28 and Largely Compliant for 10 of the FATF 40 Recommendations. It was also deemed Highly Effective for 1 and Substantially Effective for 9 with regard to the 11 areas of Effectiveness of its AML/CFT Regime.

Spain has established a robust legal framework to combat corruption and financial crimes, including laws against bribery and money laundering, which are enforced uniformly across public and private sectors. Despite these efforts, challenges persist, particularly with corruption at local levels and the influence of foreign criminal organizations, which complicate the nation's resilience against various illicit activities, including drug trafficking and cybercrime.

Spain's economy has shown remarkable resilience, achieving a GDP growth rate of 3.2% in 2024, significantly outpacing the eurozone average of 0.9%. The country boasts a well-educated workforce, extensive infrastructure, and a favorable geographical position that enhances its appeal as a foreign investment destination, particularly in sectors such as energy, real estate, and financial services. However, despite these advantages, Spain faces challenges including high unemployment rates, a complex regulatory environment, and rising operational costs, which can hinder business growth and investment opportunities.