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Andorra’s Anti-Money Laundering Laws Under Scrutiny: Follow-up Report 2021 Reveals Mixed Compliance

The Principality of Andorra has been found to have made some progress in implementing anti-money laundering (AML) laws, but still falls short in several areas. According to a recent follow-up report by the Financial Action Task Force (FATF), Andorra’s AML regime requires significant improvement.

Assessing Risk and Applying Risk-Based Approach

Andorra has largely complied with this recommendation, indicating that it takes an effective risk-based approach to identifying and mitigating money laundering risks.

National Cooperation and Coordination

While Andorra is compliant in this area, the report notes that there are still some issues with coordination between different authorities and institutions.

Money Laundering Offence

The principality has largely complied with this recommendation, indicating that it has a robust criminal justice system in place to prosecute money laundering offenses.

Confiscation and Provisional Measures

Andorra is compliant with this recommendation, showing that it has effective confiscation laws and procedures in place.

Terrorist Financing Offence

Similarly, Andorra has largely complied with this recommendation, indicating that it has a strong legal framework in place to combat terrorist financing.

The report notes that Andorra is compliant with this recommendation, showing that it has effective targeted financial sanctions in place to combat terrorism and terrorist financing.

Areas for Improvement

Financial Institution Secrecy Laws

The principality’s laws related to financial institution secrecy are still considered non-compliant.

Customer Due Diligence

While Andorra is largely compliant with this recommendation, the report notes that there are some gaps in its customer due diligence procedures.

Record Keeping

Andorra’s record-keeping requirements for financial institutions are also seen as non-compliant.

Politically Exposed Persons

The principality still needs to improve its rules and regulations related to politically exposed persons (PEPs).

Correspondent Banking

Andorra is partially compliant with this recommendation, indicating that it has some issues with correspondent banking relationships.

Money or Value Transfer Services

The report notes that Andorra’s laws and regulations related to money or value transfer services are still non-compliant.

New Technologies

While Andorra is partially compliant with this recommendation, the report notes that there are still some gaps in its rules and regulations related to new technologies such as cryptocurrencies.

Recommendations and Next Steps

The FATF recommends that Andorra take immediate action to address these shortcomings and bring its AML regime in line with international standards. The principality’s authorities have been given a deadline of [insert date] to submit a revised report outlining the steps they will take to comply with the recommendations.