Draft Organic Law on the Use of Financial Information for the Prevention, Detection, Investigation or Prosecution of Criminal Offences approved

financial reporting bill

This new bill seeks to facilitate access to and exchange of financial information, in order to prevent or investigate tax crimes, money laundering and other particularly serious crimes.

Facilitating access to financial information goes against the protection of citizens' privacy, recognised in article 18.4 of the constitution, limiting the use of information technology to guarantee personal honour and privacy.

Therefore, access to the information is granted to reserved and designated personnel, duly qualified, under very strict rules of confidentiality and protection of personal data.

The competent authorities in this case will be the judges and courts of the criminal jurisdiction, the Public Prosecutor's Office, the European Public Prosecutor's Office, the State Security Forces and Corps, the regional police forces, the Asset Recovery and Management Office of the Ministry of Justice and the AEAT's Deputy Directorate of Customs Surveillance.

Commission for the Prevention of Money Laundering and Monetary Offences

The Commission for the Prevention of Money Laundering and Monetary Offences is the body responsible for examining financial information and drafting a financial intelligence report to the designated authorities, in the event of indications of money laundering, crime or terrorist financing.

In addition, the Commission for the Prevention of Money Laundering and Monetary Offences shall keep a record of each of the operations of access and consultation of the Fichero de Titularidades Financieras carried out by the competent authorities.

Within 72 hours, requests for financial information shall be heard by the Commission's Executive Service and shall be duly substantiated on the basis of the need and circumstances of the case.

Financial information may also be exchanged with the competent authorities of other EU Member States. The transmissions will be carried out through secure and specific electronic communications that guarantee the security of the data.

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