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Andorra’s Efforts to Combat Money Laundering Praised by International Body

Andorra, a small principality in the Pyrenees mountains, has made significant strides in its efforts to combat money laundering, according to an international body that monitors financial crimes.

MONEYVAL’s Evaluation Results

The MONEYVAL (Monetary Authority for International Standards and Evaluation) organization recently announced that Andorra has taken sufficient action to be removed from enhanced and regular follow-up procedures. This decision was made after a fifth evaluation round, which took place in 2011.

Andorra’s Progress

Since the 2011 evaluation round, Andorra has continued to implement measures to prevent and detect money laundering and terrorist financing. As a result, MONEYVAL decided to terminate its monitoring under the 4th round follow-up processes.

Previous Evaluations

This is not the first time Andorra has received positive feedback from MONEYVAL. In previous evaluations, the organization praised the country’s efforts to improve its financial regulations and strengthen its anti-money laundering framework.

History of Anti-Money Laundering Efforts

Andorra’s journey to combating money laundering began in 1999 with a first evaluation round. Since then, the country has undergone several rounds of evaluation, with each round bringing new challenges and opportunities for improvement.

Recognition and Leadership

Today, Andorra is considered a leader in the fight against money laundering, and its efforts have earned recognition from international organizations and financial institutions. The country’s commitment to combating financial crimes demonstrates its dedication to upholding high standards of transparency and integrity in the financial sector.

Conclusion

Andorra’s progress in combating money laundering serves as an example for other countries to follow. Its commitment to implementing effective anti-money laundering measures has earned it recognition from international organizations and financial institutions, solidifying its position as a leader in this area.