For the third consecutive year, money laundering regulations in Spain return to offer us the wrong image of what good banking practices have to be.
On this occasion the affected one has been the Chinese investor, not the Chinese community, in fact, the true investor who tries to develop his business in Spain. It should be noted that meanwhile this is the new of the year, before, other investors such as Venezuelans, Colombians, Arabs, Russians and diversity of Eastern European countries, were affected equally.
The blocking of their accounts is affected by the request by the Spanish banks to claim the origin of the funds, in that policy of seeking money laundering control. The funny thing is that the funds are not deposited in the bank spontaneously, but are transferred through the control of Swift, an institution located in Belgium and accepted by the entire international community for international transfers, from another international bank, in many Bank occasions much larger than the Spanish.
In order to understand the impact on investors, you just have to consider yourself visiting another country on a tourism plan and going to a bank with your own credit card to get money and have to present the same documentation of the Personal income tax in Spain on suspicion that your money is not lawful. There is no doubt that it would possibly be the last visit to that country.
According to these types of requests, the questioning of the capacity of all international banks in the control of money laundering of their entities is being pre-established in Spain, entities that are correctly regulated by other Administrations, even more protectionist than the European Bank, such as the American Federal Reserve.
On the other hand, all the funds issued from another bank are guaranteed by the money laundering control, which creates a counterposition to a second claim of said certification by the banks to their foreign clients. It should be considered that Spanish banks do not have jurisdiction, or claim capacity over activities carried out in other countries, and that in case of not accepting funds from other banks, they should identify, before opening accounts, the “blacklist “of all those banks, which today account for 95% of the global investment fund market.
The damage is for our country, for Spain, which is being decimated by foreign investments as a result of a policy, more similar to a local or European investment protectionism, than to a control of money laundering, which makes no sense, or law that support it
It is there where international banking institutions, especially in the United Kingdom and in the United States, begin to find a reef to gain control of the largest foreign investments in Spain, without the need to generate investments in Spain, if not, keeping those investments in their own countries and using Spanish bank indebtedness so that their clients, before Spanish clients, can develop their investments in Spain.