The Reform of the Criminal Code and its Impact on Economic Crime
Organic Law 14/2022 of 22 December introduced significant amendments to the Spanish Criminal Code, especially with regard to economic crimes such as tax fraud, corruption and money laundering.
Main Changes in the Reform
1. Stiffer Penalties for Tax Fraud
- Aggravated tax fraud offences are extended to include the use of opaque corporate structures to evade taxes.
- Penalties for large fraudsters have been increased, with stiffer prison sentences and higher fines.
2. Anti-Corruption Measures
- Criminal liability for companies and managers involved in corruption is extended.
- Penalties for offences related to bribery in the private sector and public administration are strengthened.
3. Money Laundering
- Controls on suspicious transactions are tightened and the reporting obligation for financial institutions and advisors is extended.
- Penalties for money laundering have been increased, with longer prison sentences and heavier fines.
Impact on Companies and Individuals
The reform significantly affects entrepreneurs, the self-employed and citizens, who will have to adapt to the new legal requirements to avoid criminal liability. Companies, in particular, will have to reinforce their compliance programmes to mitigate risks and prevent possible sanctions.
In addition, professionals operating in the financial, legal and accounting sectors will have to take extreme precautions in the management of funds and compliance with regulations to avoid incurring in offences under the new regulations.
This reform of the Penal Code brought about a significant change in the regulation of economic crimes in Spain. With stiffer penalties and increased supervision, both companies and individuals must take measures to comply with the new regulations and avoid possible sanctions.
Legislation:
Organic Law 14/2022 of 22 December,
