Congress approved new money law

(My Original Blog Post: http://ping.fm/G3mUi)
Spain’s Congress approved new law for the prevention of money laundering and terrorist financing

The full parliament has unanimously passed the law to prevent money laundering and terrorist financing, designed to ensure that the proceeds of criminal activities are incorporated into the legal financial system. The new law incorporates the European directive on money laundering, and the recommendations of the Financial Action Task Force to unify the criteria of prevention against this activity.

Among the major changes made by Congress is the implementation of simplified measures with a minimum threshold of 1,000 euros, which the Senate had expanded to 3,000 euros through an amendment. According to the Socialist, Gloria Gómez Santamaría, the rule contains "important advances in prevention" because it broadens the existing obligations to prevent money laundering financing terrorist.

She added that with this law it becomes increasingly difficult to "obtain the benefits from illegal activities in the form of real estate, jewellery, works of art, shares or investments in other companies

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via Spain’s Congress approved new law for the prevention of money laundering and terrorist financing.