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On 13/02/2007 Order EHA/1438/2006, of 3 May, of the Ministry of Economy and Taxation, came into force, regulating the movement of forms of payment in the field of prevention of money laundering.
From this day individuals or private legal entities, acting on their own behalf or on behalf of third parties, who carry out the transactions described below, are legally obliged to declare them to the relevant authorities beforehand:
- a) Taking out or bringing in to Spanish territory of cash and/or banknotes and/or cheques to bearer in Euros or any other currency, of an amount of 10,000 Euros or more per person per journey.
- b) Movements within Spanish territory of cash and/or banknotes and/or cheques to bearer in Euros or any other currency, of an amount of 100,000 Euros or more per movement. Movement, for the purposes of this regulation, means any change of place or position verified outside the home of the owner of the means of payment.
The obligation of Caixa Rural Torrent, as is the case with other credit institutions when they act as intermediaries in certain circumstances in the transactions to be declared, is to inform the relevant authorities of these transactions, and in particular of the failure to declare them or if applicable of the refusal of the owner of the means of payment to declare them, which failure or refusal are liable to the legal consequences set out in the Order.
If this is of interest to you, we have a summary expanding on the information in this notice available in our offices, covering the content of the Ministerial Order and Form S-1, needed for this declaration, which in some cases can be made through this institution.
February 2007