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Abstencion de Execución

English translation: Non-execution of transactions

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Spanish term or phrase:Abstencion de Execución
English translation:Non-execution of transactions
Entered by: Ruth Ramsey
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11:55 Nov 5, 2013
Spanish to English translations [PRO]
Bus/Financial - Finance (general) / Banking Document
Spanish term or phrase: Abstencion de Execución
Banking Document (Spain)

I'm translating "execución" as "enforcement" as I don't think "execution" is really appropriate in the context. However, what would be the best way of translation "abstención". Would "postponement" work?

Thanks in advance for your help.


"**Abstención de ejecución**

Obligación de finalización.

Si un cliente imposibilita que la Sucursal cumplir con sus obligaciones e diligencia debida, ésta deberá cumplir con las siguientes obligaciones:

- no establecer una nueva relación de negocios

- bloquear las transacciones existentes

- poner fin a las relaciones de negocios existentes"
Ruth Ramsey
United Kingdom
Local time: 05:39
refusal to execute operations
Explanation:
I don't think this is to do with enforcement. I'm pretty sure it's to do with the obligations of financial institutions under money laundering legislation.

The context refers to the bank terminating its relationship with a client and having no further dealings, and even blocking existing transactions, if the client prevents the bank from fulfilling its due diligence obligations. This must surely refer to its obligations under Spanish law, in particular "Ley 10/2010, de 28 de abril, de prevención del blanqueo de capitales y de la financiación del terrorismo".

Chapter II of this law (Articles 3-16) is precisely about due diligence: "De la diligencia debida". Checks must be made, and the authorities must be informed. In certain circumstances the financial institution must refrain from carrying out an operation for a client. This is referred to in Article 19, which is entitled "Abstención de ejecución":

"Artículo 19 Abstención de ejecución
1. Los sujetos obligados se abstendrán de ejecutar cualquier operación de las señaladas en el artículo precedente.
No obstante, cuando dicha abstención no sea posible o pueda dificultar la investigación, los sujetos obligados podrán ejecutar la operación, efectuando inmediatamente una comunicación de conformidad con lo establecido en el artículo 18. [...]
2. A efectos de esta Ley se entenderá por justa causa que motive la negativa a la autorización del notario o su deber de abstención la presencia en la operación bien de varios indicadores de riesgo de los señalados por el órgano centralizado de prevención o bien de indicio manifiesto de simulación o fraude de ley [...]"
http://noticias.juridicas.com/base_datos/Admin/l10-2010.html...

In this context, the word "execution" is normally used. Here is a European Banking Federation document about Money Laundering Legislation. It contains summaries of current legislation in a long series of countries, each with the same headings, and one of these is:

"10. REACTION OF THE BANK AT THE TIME OF OR SUBSEQUENT TO A SUSPICIOUS OPERATION (EXECUTION/NON-EXECUTION)"

In the entry for Spain, the following is included under this heading:

"Institutions should not execute operations deemed to be suspect before communicating their suspicions."
http://www.ebf-fbe.eu/uploads/documents/publications/AML-Ban...

And here is a report on a UK money laundering case:

"The paper explains: a High Court decision rejecting a customer's claims for damages and upholding an MLRO's and a bank's refusal to execute a customer's payment instructions when they had genuine suspicions in relation to proposed transactions"
http://www.emeraldinsight.com/journals.htm?articleid=1705324...

I don't think "abstention" works in English; I would use "refusal", as in this last document, and to clarify it I'd be inclined to say "refusal to execute operations", though I think you could justify "refusal to execute instructions".

--------------------------------------------------
Note added at 10 hrs (2013-11-05 22:33:17 GMT)
--------------------------------------------------

Hi Ruth. Well, if you'd prefer "carry out" I think that would be OK, but I'm sure this is what it must mean.

--------------------------------------------------
Note added at 20 hrs (2013-11-06 08:41:45 GMT)
--------------------------------------------------

Hi Ruth. "Refusal" is not literally accurate for "abstención", but I think it would do; I just can't think of another word. You can say "refrain from", but I don't think you can say "refrainment". "Avoidance" isn't right. Actually, if you go with "execution", it might be enough just to say "Non-execution of operations". Just a thought.
Selected response from:

Charles Davis
Spain
Local time: 06:39
Grading comment
Thank you, Charles! This seems to make sense in the context of money laundering.
4 KudoZ points were awarded for this answer

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Summary of answers provided
4 +1refusal to execute operations
Charles Davis
4A hold on enforcement proceedings
Anne Patricia
3stay of execution
Wendy Streitparth


  

Answers


10 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
A hold on enforcement proceedings


Explanation:
To put a hold on the enforcement proceedings, not allow to continue.
postpone is just putting it off until a later date.

--------------------------------------------------
Note added at 19 mins (2013-11-05 12:15:12 GMT)
--------------------------------------------------

I understand "abstención" as a hold, whereby the enforcement proceedings do not prosper and postponement as an aplazamiento, to be carried out at a later date ;)

--------------------------------------------------
Note added at 20 mins (2013-11-05 12:16:35 GMT)
--------------------------------------------------

and it would be postponement of (not from) ;)

Anne Patricia
Spain
Local time: 06:39
Does not meet criteria
Native speaker of: Native in EnglishEnglish
Notes to answerer
Asker: Thanks Anne. So can you also say "postponement from enforcement proceedings" or areyou saying that "postponement" means something different?

Asker: Thanks Anne.


Peer comments on this answer (and responses from the answerer)
neutral  Rachael West: Hi Anne, I would understand "a hold" to be pretty much a synonym of postpone. ie, will occur at a later date. However, I believe abstención is to decline / renounce
1 hr
  -> Hi Rachael, it can also mean freeze or paralyse and even be "inactivado", so it isnt necessarily a postponement. In my view, the abstención isn´t necessarily a postponement. I may be wrong!
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6 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5
stay of execution


Explanation:
However, British politicians and UK based campaigners who managed to get the bank to grant a stay of execution,
http://www.hiiraan.com/news4/2013/Aug/40874/somalia_facing_p...

--------------------------------------------------
Note added at 6 hrs (2013-11-05 18:47:59 GMT)
--------------------------------------------------

@ asker : I'm surprised you're not familiar with this expression. Execution in this sense means performance/accomplishment/carrying out/enforcement

Wendy Streitparth
Germany
Local time: 06:39
Does not meet criteria
Native speaker of: Native in EnglishEnglish
PRO pts in category: 16
Notes to answerer
Asker: I'm not sure that "execution" is the best word here as it sounds rather final!

Asker: Hi Wendy, I am familiar with the word "execute" in this context but "stay of execution" sounds a little bit like the death penalty not being carried out. It's just finding a way to express it in English to avoid this connotation. Thanks.

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8 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
refusal to execute operations


Explanation:
I don't think this is to do with enforcement. I'm pretty sure it's to do with the obligations of financial institutions under money laundering legislation.

The context refers to the bank terminating its relationship with a client and having no further dealings, and even blocking existing transactions, if the client prevents the bank from fulfilling its due diligence obligations. This must surely refer to its obligations under Spanish law, in particular "Ley 10/2010, de 28 de abril, de prevención del blanqueo de capitales y de la financiación del terrorismo".

Chapter II of this law (Articles 3-16) is precisely about due diligence: "De la diligencia debida". Checks must be made, and the authorities must be informed. In certain circumstances the financial institution must refrain from carrying out an operation for a client. This is referred to in Article 19, which is entitled "Abstención de ejecución":

"Artículo 19 Abstención de ejecución
1. Los sujetos obligados se abstendrán de ejecutar cualquier operación de las señaladas en el artículo precedente.
No obstante, cuando dicha abstención no sea posible o pueda dificultar la investigación, los sujetos obligados podrán ejecutar la operación, efectuando inmediatamente una comunicación de conformidad con lo establecido en el artículo 18. [...]
2. A efectos de esta Ley se entenderá por justa causa que motive la negativa a la autorización del notario o su deber de abstención la presencia en la operación bien de varios indicadores de riesgo de los señalados por el órgano centralizado de prevención o bien de indicio manifiesto de simulación o fraude de ley [...]"
http://noticias.juridicas.com/base_datos/Admin/l10-2010.html...

In this context, the word "execution" is normally used. Here is a European Banking Federation document about Money Laundering Legislation. It contains summaries of current legislation in a long series of countries, each with the same headings, and one of these is:

"10. REACTION OF THE BANK AT THE TIME OF OR SUBSEQUENT TO A SUSPICIOUS OPERATION (EXECUTION/NON-EXECUTION)"

In the entry for Spain, the following is included under this heading:

"Institutions should not execute operations deemed to be suspect before communicating their suspicions."
http://www.ebf-fbe.eu/uploads/documents/publications/AML-Ban...

And here is a report on a UK money laundering case:

"The paper explains: a High Court decision rejecting a customer's claims for damages and upholding an MLRO's and a bank's refusal to execute a customer's payment instructions when they had genuine suspicions in relation to proposed transactions"
http://www.emeraldinsight.com/journals.htm?articleid=1705324...

I don't think "abstention" works in English; I would use "refusal", as in this last document, and to clarify it I'd be inclined to say "refusal to execute operations", though I think you could justify "refusal to execute instructions".

--------------------------------------------------
Note added at 10 hrs (2013-11-05 22:33:17 GMT)
--------------------------------------------------

Hi Ruth. Well, if you'd prefer "carry out" I think that would be OK, but I'm sure this is what it must mean.

--------------------------------------------------
Note added at 20 hrs (2013-11-06 08:41:45 GMT)
--------------------------------------------------

Hi Ruth. "Refusal" is not literally accurate for "abstención", but I think it would do; I just can't think of another word. You can say "refrain from", but I don't think you can say "refrainment". "Avoidance" isn't right. Actually, if you go with "execution", it might be enough just to say "Non-execution of operations". Just a thought.

Charles Davis
Spain
Local time: 06:39
Does not meet criteria
Native speaker of: Native in EnglishEnglish
PRO pts in category: 299
Grading comment
Thank you, Charles! This seems to make sense in the context of money laundering.
Notes to answerer
Asker: Hi Charles, yes this is to do with money laundering and it does seem that they are saying that no further operations/transactions will be carried out. "Execute or carry out operations" may indeed work.

Asker: Thanks Charles. Looking at the rest of the context, I think you're right.

Asker: Thanks Charles. I'll have a think about that.


Peer comments on this answer (and responses from the answerer)
agree  Rachael West: Your refs certainly help here. However, I'd prefer "decline" over refusal. And perhaps implementation...//yes execution is standard, but the Asker seemed to be looking to get around "executing" anyone :)
1 day13 hrs
  -> Thanks, Rachael! I was going for a noun in this context, but actually a gerund, "declining to execute/carry out...", could work. "Execute" seems to be pretty standard in this sense, but I don't see anything wrong with "implement".
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