Easier bank data access to investigate serious crimes

Automatic summary, not yet reviewed

1. The law makes it easier for certain authorities to access, directly and immediately, the Fichero de Titularidades FinancierasFichero de Titularidades Financieras A centralized register where banks report which accounts, deposits and safe deposit boxes exist and who their holders and authorized persons are. It does not include balances or transactions., a centralized register of bank and payment accounts and safe deposit boxes, to prevent, detect, investigate or prosecute serious crimes. This register only holds identifying data on account holders and authorized persons, not balances or transactions.
2. The competent authorities that may consult the register include criminal judges and courts, the Public Prosecutor's Office, the European Public Prosecutor's Office, state security forces, regional police with statutory powers over serious crimes, asset recovery offices and the customs surveillance department. The National Intelligence Center may also access it under its own law.
3. Every access to the register is logged and monitored: date, time, case reference and user are recorded. Only specifically designated and authorized staff may consult it, and the logs are kept for five years.
4. The Servicio Ejecutivo de la Comisión (Spain's financial intelligence unit) will answer requests for financial information from competent authorities within 72 hours, unless responding would harm ongoing investigations. The law also regulates sharing this information with authorities from other EU member states and with Europol.
5. The prior authorization from a judge or the Public Prosecutor's Office required by Law 10/2010 to access the register is removed, and that law is amended to adapt its Article 43 to the new access regime.
6. The tax on landfill deposit, incineration and co-incineration of waste is added to the taxes that can be transferred to the Autonomous Communities, and the Criminal Code is reformed so that petty thefts under 400 euros committed by repeat offenders carry the basic theft penalty (6 to 18 months in prison).

Who it affects

• Judges, prosecutors and police investigating serious crimes: They can consult the bank account register directly, without first getting judicial or prosecutorial authorization.
• Holders of bank accounts, deposits and safe deposit boxes: Their identifying data will be in the register and may be consulted by these authorities, though never balances or transactions.
• The Servicio Ejecutivo de la Comisión: It must answer requests for financial information within 72 hours and keep logs of register access.
• The Autonomous Communities: They may receive the transfer of the waste landfill, incineration and co-incineration tax and take on powers over its rates and management.
• Repeat offenders of petty theft: If they accumulate thefts under 400 euros totaling more than 400 euros and have at least three prior convictions, they may face 6 to 18 months in prison instead of only a fine.

Words worth knowing

Fichero de Titularidades Financieras

A centralized register where banks report which accounts, deposits and safe deposit boxes exist and who their holders and authorized persons are. It does not include balances or transactions.

UIF (Unidad de Inteligencia Financiera)

Financial Intelligence Unit: a body that collects and analyzes financial information to detect money laundering and terrorism financing. In Spain it is the Servicio Ejecutivo de la Comisión de Prevención del Blanqueo de Capitales.

Blanqueo de capitales

Money laundering: giving legal appearance to money from criminal activities.

Multirreincidente

A person who has already been convicted several times for previous crimes.

Cesión de tributos

The system by which the State lets the Autonomous Communities collect and manage certain taxes.

It summarizes the law as published in the BOE. It is written by artificial intelligence and may contain mistakes: the official text is what counts. Read the official text · How we make summaries