The tax amnesty can “repatriate” capital of Spain is now likely to be offshore. And emerge capital being in the Spanish territory was not legally declared, with the payment of 10% (for individuals) or 8% (for companies) without a penalty. And we face if it may conflict with existing law 10/2012 law of money laundering and terrorist financing.
Law 10/2010 imposes controls to restrict the ease of movement of capital from black money laundering and terrorism, in all areas of society and proposes a series of punitive measures in case of not complying.
- Financial institutions in the income of € 500 notes require the identification of income makes the DNI, the extraction of more than 1500 € cash for “window” which requires the DNI makes the extraction of money, etc … measures that are affecting all users of current accounts in financial institutions located in Spain.
- Well as tax advisers, accountants are forced to meet certain mandatory formalities arising from the law 10/2012, including: establish appropriate training annually to the directors and staff (employees) of firms in the following:
- Obligation of due diligence to clients. This poses a protocol and a set of procedures: customer identification, knowledge of your business, beneficial owner identification, monitoring the client’s business, risk assessment, etc..
- Review of any transaction that may be of “dubious origin” documentation and conservation of abstention from carrying out suspicious transactions.
- Communication to the Executive Service for the Prevention of Money Laundering (SEPBLAC) of any indication from the laundering operation or financing of terrorism and collaboration with the SEPBLAC.
All these questions and more, they must be met for non-compliance is punished administratively: Very serious offenses, serious and minor, and criminal responsibility (Article 301 and other Criminal Code).
We must clarify that the offense of money laundering is not only the flowering of goods made from an illegal activity, but the concealment or disguise the illicit origin of the same.
The consequences of breaking the law 10/2012 which in severe cases can lead to criminal offense and includes tax consulting, accounting and as obligated by that law
Those who were already being investigated by Spanish public finances do not fall within the umbrella of the recently announced “tax amnesty”. All other taxpayers can receive.
With the tax amnesty law, these control requirements by tax advisers and accountants, are temporarily relieved because the “dubious” of operations is no longer questioned.