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What it is

Free movement of capital abroad and anti-money laundering rules

BOE step 7 of 7 · Passed

It is a government bill. Introduced by the Government. It was introduced on 13 December 2002. Introduced by: Gobierno.

Official title: Government bill on the legal regime of capital movements and economic transactions with the exterior and on certain measures for the prevention of money laundering.

Follow this law

Source: Congreso de los Diputados, file 121/000127· updated 11 Nov

Automatic summary, not yet reviewed

  1. The law declares free all capital movements and economic transactions with abroad between residents and non-residents, with no limits other than those set by the law itself and by sector-specific legislation.
  2. It defines who is a resident and who is a non-resident in Spain, moving closer to the concept of residence used in tax rules. Habitual residence is understood according to those tax rules.
  3. Transactions with abroad must be reported to the Ministry of Economy and the Bank of Spain for administrative and statistical purposes. Banks and other financial intermediaries must report their clients' transactions.
  4. The Government, by agreement of the Council of Ministers, may prohibit or limit capital movements toward third countries when measures are adopted by the European Union or by international organizations Spain belongs to. Affected transactions may be authorized administratively, and in specific cases (public authority, defense, public order or security) liberalization may be suspended.
  5. It sets up a sanctions regime with very serious, serious and minor offenses. Fines range from 150 euros up to twice the economic value of the transaction, and offenses expire between one and five years depending on their severity.
  6. It strengthens anti-money laundering rules: it expands the list of obligated parties (casinos, real estate developers, auditors, notaries, lawyers and others) and requires declaring the exit or entry of means of payment above €6,000 per person and trip, and movements within Spain above €80,500.

Who it affects

  • Individuals and companies doing transactions or transfers with abroad: They must report them to the Ministry of Economy and the Bank of Spain and can be fined if they fail to report or lie.
  • Banks and other financial intermediaries: They must report their clients' transactions and meet identification and reporting duties against money laundering.
  • Casinos, real estate developers, auditors, tax advisors, notaries and lawyers: They become subject to anti-money laundering obligations.
  • People carrying means of payment in cash: They must declare exits or entries above €6,000 per person and trip and movements within Spain above €80,500.
  • The Government and the Ministry of Economy: They may prohibit, limit or suspend capital movements and impose the most serious sanctions.

Words worth knowing

Blanqueo de capitales (money laundering)
Making money from criminal activities look legal.
Movimientos de capitales (capital movements)
Transfers of money, investments and financial transactions between Spain and abroad.
Cláusulas de salvaguardia (safeguard clauses)
Exceptional measures that allow temporarily prohibiting or limiting transactions with abroad.
Prescripción (statute of limitations)
The time after which an offense can no longer be punished or a fine enforced.
Medios de pago (means of payment)
Cash, coins, banknotes and bearer checks used to pay.

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

Where it stands

How far did it get?

It took 7 of 7 steps. It reached BOE, and today it is passed.

  1. Introduced13 December 2002Someone registers the text in the Congreso.
  2. Admitted17 December 2002The Bureau of the Congreso accepts it and, for a members’ bill, the plenary decides whether to consider it.
  3. Amendments20 December 2002Groups propose changes.
  4. Committee19 March 2003A committee goes through the text in detail.
  5. Plenaryno dateAll 350 deputies vote.
  6. Senate25 March 2003The Senate can pass it, amend it or veto it.
  7. BOE19 June 2003It is published in the Official State Gazette (BOE) and comes into force.
See the 8 official steps on a timeline
Dec 2002Jan 2003Feb 2003Mar 2003Apr 2003May 200311. 13 December 2002: Presentación22. 17 December 2002: Comisión de Economía y Hacienda Publicación desde 17/12/2002 hasta 20/12/200233. 17 December 2002: Calificación44. 20 December 2002: Comisión de Economía y Hacienda Enmiendas desde 20/12/2002 hasta 19/03/200355. 19 March 2003: Comisión de Economía y Hacienda Informe desde 19/03/2003 hasta 25/03/200366. 25 March 2003: Comisión de Economía y Hacienda Aprobación con competencia legislativa plena desde 25/03/2003 hasta 25/03/200377. 25 March 2003: Senado desde 25/03/2003 hasta 19/06/200388. 19 June 2003: Concluido - (Aprobado con modificaciones) desde 19/06/2003 hasta 24/07/2003

Was there a plenary vote?

We have no plenary vote linked to this law in the Congreso’s data.

What happens next

What happens now?

It is law, or will be once published in the BOE. It comes into force on the date its own text sets.

Published in the BOE: Law 19/2003, of 4 July, on the legal regime of capital movements and economic transactions with the exterior and on certain measures for the prevention of money laundering.

Sources

Where does all this come from?

  • The data comes from the open files of the Congreso, the Senate and the BOE, unaltered.
  • Each deputy’s province is the one of their seat on the day of the vote.
  • We only say “passed” or “rejected” when the majority needed is certain; otherwise we say which side had more votes.

Read the full method · Report an error