Money Laundering Lawyers

We are a law firm specialized in criminal law based in Madrid, with extensive experience in money laundering cases. At Valmaseda Abogados, we have maintained a constant defense in financial crime cases since our inception, achieving outstanding results nationwide and especially before the National Court. We have obtained full acquittals for our clients or the closure of investigations during the preliminary phase.

What Is Money Laundering?

Money laundering, or “laundering of money,” is defined in Article 298 of the Spanish Criminal Code and involves carrying out certain actions to integrate into the legal economic system assets that originate from illegal activity, such as drug trafficking, arms trafficking, or terrorism. In this way, the money is given a legal appearance, allowing its use and enjoyment while removing traces of its illicit origin.

The legal interest protected by this offense is the proper and lawful functioning of the economic and financial system.

In 2015, a new penalty was added to Article 298: an increase in prison sentences from one to three years for people who help others (with knowledge of the commission of a crime against property or the socio-economic order) to benefit from the effects of the crime when it involves items of artistic, historical, cultural, or scientific value; necessities of first necessity; or when the facts reveal special gravity, considering the value of the effects or the foreseeable damage caused.

Types of Money Laundering Offenses

Basic Offense

The basic type of money laundering offense consists of acquiring, possessing, using, converting, or transferring assets to hide or conceal their illegal origin. The penalty ranges between 6 months and 6 years in prison, plus a fine of 1 to 3 times the value of the assets.

In 2015, an additional penalty was added to Article 298 for persons who assist another knowing that a property or economic offense has been committed, under certain circumstances described above.

Aggravated Offense

The Spanish Criminal Code punishes money laundering more severely when the assets originate from specific crimes. The penalty is increased to the upper half of the penalty range if the assets come from offenses such as:

Drug trafficking
Offenses against land use and urban planning
Bribery
Influence peddling
Embezzlement
Fraud and unlawful exactions
Negotiations and prohibited activities by public officials

If the offense is committed by people who are part of a criminal organization dedicated to money laundering, penalties are higher, especially for leaders, administrators, or those in charge.

Money Laundering Through Negligence

To commit the offense of money laundering, intent is generally required — meaning that the perpetrator knows the criminal origin of the assets and intends to commit the act. However, it is possible for the crime to be committed through gross negligence, where a breach of duty of care occurs, although doctrine and case law tend to consider that any person is capable of laundering money through serious carelessness.

Evidence in Money Laundering Cases

Because of the nature of the offense, direct evidence is often difficult to obtain. Therefore, circumstantial evidence may be used — that is, traces, indicators, or known facts that suggest the commission of a crime, such as the unexplained presence of large sums of money, significant movements of cash, or large funds coming from foreign countries.

Money Laundering in Spain

Money laundering is a global phenomenon, and funds can move through multiple countries and jurisdictions. This does not prevent money laundering from being prosecuted in Spain. Law 10/2010, of April 28, on the prevention of money laundering, requires banks, credit or financial institutions, tax advisors, and persons conducting certain financial transactions to increase vigilance regarding this criminal offense. The law establishes various mechanisms, such as identifying the beneficial owner and applying monitoring measures. Failure to comply can lead to severe economic sanctions and prison sentences.