Andorra Strengthens Regulations Against Money Laundering and Terrorist Financing

Andorra has taken significant steps to enhance its anti-money laundering (AML) regulations, aiming to stay ahead of the evolving threat of money laundering and terrorist financing. This move is crucial for ensuring compliance with international standards set by bodies such as the Financial Action Task Force (FATF) and Moneyval, while also transposing European Union regulations derived from Andorra’s monetary agreement with the EU.

Regular Evaluations and Recommendations

Andorra has been subject to regular evaluations by the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism of the Council of Europe. These evaluations provide a framework for Andorra to maintain its reputation as a safe and reputable financial hub. The country must ensure adequate and effective implementation of relevant international standards, as materialized through the recommendations of the FATF.

Key Developments

• Strengthened regulations: Andorra has taken concrete steps to bolster its AML regulations, demonstrating its commitment to combating money laundering and terrorist financing.
• International compliance: The country is ensuring compliance with international standards set by bodies such as the FATF and Moneyval.
• European Union regulations: Andorra is transposing European Union regulations derived from its monetary agreement with the EU.

UIFA’s Role in Combating Money Laundering and Terrorist Financing

The Unitat d’Intel·ligència Financera d’Andorra (UIFA) provides further information on Andorra’s efforts to combat money laundering and terrorist financing.