- This Royal Decree-law transposes several European Directives that accumulated a significant delay and will allow the infringement procedures opened by the Commission to be closed.
- The Directive on the minimum requirements to reinforce the mobility of workers between member states is transposed
- Various provisions aimed at improving the prevention of money laundering and terrorist financing are incorporated into the Spanish legal system
The Council of Ministers has approved a Royal Decree-law that includes the transposition of different European Directives, including those relating to guaranteeing the protection of pension commitments with workers and improving the prevention of money laundering and terrorist financing.
The incorporation into the Spanish legal system of both Directives is urgent, given the delay they accumulate and the infringement processes opened by the European Commission.
Protection of pension commitments with workers
Through the RDL approved today, Directive 2014/50, on the minimum requirements to reinforce the mobility of workers between Member States by improving the acquisition and maintenance of supplementary pension rights, is fully transposed into the Spanish legal system. Likewise, the application of said rights to national mobility is extended, so that these rights will be recognized for workers who change jobs within Spanish territory. The Royal Decree-law modifies the first additional provision of the consolidated text of the Law for the Regulation of Pension Plans and Funds.
The objective of the standard is to reduce the obstacles to the mobility of workers derived from certain requirements (seniority and age) that companies impose to acquire rights in the complementary retirement systems established in companies. Thus, it is established that the minimum age required to access these rights cannot exceed 21 years and that the minimum period of seniority to consolidate the rights in the company cannot exceed three years.
The Directive provides for the recognition of pension rights acquired in favor of workers who cease their employment relationship before retirement as of May 21, 2018, the deadline for transposition. It is, therefore, urgent to incorporate what is established in community regulations into the Spanish legal system, since the lack of legal recognition of this right from the established date generates a situation of uncertainty and legal insecurity that compromises the rights of workers.
Prevention of money laundering and terrorist financing
The approved RDL reinforces the mechanisms and systems to guarantee compliance with the regulations on the prevention of money laundering and terrorist financing. To do this, the pending elements of the IV Money Laundering Prevention Directive are transposed, which include elements aimed at encouraging whistleblowing of individuals and increasing the maximum limits of sanctions, among other measures.
The regime for the prevention of money laundering and terrorist financing in force in Spain already incorporates most of the Recommendations of the Financial Action Group (FATF) of February 2012 and, with it, the early implementation of a large part of the contents of Directive 2015/849. However, in this RDL some relevant aspects are regulated: the application of enhanced diligence measures to all persons with public responsibility, both national and foreign, is unified; Regarding the sanctions regime, the existing classification is maintained, although the maximum limits are increased and adjustments are made in the matter of advertising. Another relevant aspect is the one aimed at encouraging whistleblowing complaints from individuals through the creation of whistleblowing channels, both public and within the legal entities themselves.
Likewise, the obligation to create a registry of service providers for companies is established. Finally, the obligated subjects are specifically required to apply enhanced diligence measures regarding the business relationships they maintain with persons or entities related to the countries that the European Commission has determined have strategic deficiencies in their systems of prevention and fight against money laundering.
