Spanish regulations regarding foreign exchange control have been liberalised. In general, authorisation is not necessary for the majority of foreign transactions.
Although authorisation may not be required, some transactions must be notified to the Bank of Spain. Taking more than €10,000 (or the equivalent in a foreign currency) per person, per trip into or out of Spain must be reported. Only Spanish non-residents have to notify the Bank of Spain when they are bringing over €10.000 into Spain.
For payments between residents and nonresidents and bank transfers which the amount exceeds €3,000 the bank will ask for information on the bank account and for data relating to the transaction.
Spain has a diversified and modern financial system, which is completely integrated within international financial markets.
Spanish laws on money laundering have been recently modified to align with the European regulation.
Among other innovations, the new law extends the number of professionals under obligation to collaborate with the authorities when there is a suspicion of money laundering, from only casinos, estate agencies and finance companies, to now also include auditors, advisers, consultants and in some cases notaries, lawyers (although lawyers’ rights to client confidentiality prevail over laws on money laundering) and solicitors.