06/07/2026
Spain is reportedly considering a reorganisation of its anti-money laundering framework that would split the current functions of SEPBLAC, the country's Financial Intelligence Unit (FIU) and AML supervisor. Under the reported plans, AML inspection and supervisory responsibilities would move to the Banco de España, while the financial intelligence function would remain under the Ministry of Economy, potentially within the FROB.
The proposed changes aim to simplify the current governance structure, under which SEPBLAC is directed by the Ministry of Economy but relies on the Banco de España for staffing and resources. However, the proposal has also raised questions about whether separating supervision and financial intelligence could make Spain's AML framework less effective, particularly for the supervision of non-financial obliged entities.
The discussion comes as Spain prepares for the new EU AML framework and the establishment of AMLA. Some experts believe the reform could also be an opportunity to create an independent FIU that would better align with international FATF standards and the EU's future AML framework.