Title: International Community Praises Andorra’s Progress in Combating Financial Crimes

Subtitle: MONEYVAL Report Highlights Principality’s Advancements in AML/CFT Measures

September 28, 2017, Andorra

Over the past year, the Principality of Andorra has taken significant steps to strengthen its anti-money laundering (AML) and countering the financing of terrorism (CFT) measures. These efforts have been recognized in the recently adopted fifth round mutual evaluation report by the MONEYVAL Committee.

Andorra’s Progress in Implementing AML/CFT Measures

Overview and Effectiveness Assessment

The report highlights Andorra’s progress in implementing the Financial Action Task Force (FATF) 40 Recommendations and evaluates the effectiveness of its AML/CFT system. The document outlines both areas of improvement and proposed adjustments for continued compliance.

Legislative Framework Updates

Andorra’s authorities have been actively working to enhance their legislative framework. Key updates include:

Customer due diligence
Beneficial ownership
Risk assessment

These modifications significantly improve Andorra’s ability to prevent and detect financial crimes and establish it as a well-regulated jurisdiction within the European Union.

Strengthening International Cooperation and Information Exchange

An essential area of improvement discussed in the report is the strengthening of international cooperation and information exchange. Over the last evaluation, Andorra:

Signed numerous tax information exchange agreements (TIEA)
Enhanced its regulatory framework for supervision and oversight of financial institutions

Effective Investigations and Reporting by the Financial Intelligence Unit (UIFA)

The MONEYVAL Committee also commended the efforts made by the UIFA to effectively investigate and report suspicious transactions to the relevant authorities. These achievements result from increased resources and dedicated staff training, ensuring the effective application of AML/CFT measures.

Recommendations for Further Enhancements

The report concludes by offering recommendations for Andorra to further strengthen its AML/CFT system:

Implement a risk-based approach to supervision
Adopt a Financial Sanctions Regime
Establish a central registry of beneficial ownership

These suggestions aim to ensure Andorra continues to maintain a robust regulatory environment and effectively combat financial crimes.