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Andorra Improves Fight Against Money Laundering and Terrorist Financing in Non-Profit Sector
Strasbourg, 7 December 2021
Andorra has taken significant steps to enhance its measures against money laundering and terrorist financing, demonstrating progress in meeting the Financial Action Task Force (FATF) standards. Specifically, Andorra’s efforts have improved in relation to non-profit organisations.
Progress in Non-Profit Sector
According to a follow-up report published today by MONEYVAL, Andorra’s authorities have implemented legislative, regulatory, and institutional changes aimed at strengthening supervision and regulation of the non-profit sector. As a result, MONEYVAL has upgraded Andorra’s compliance rating with the FATF recommendation on non-profit organisations from “partially compliant” to “largely compliant”.
Virtual Assets
The report also evaluates Andorra’s implementation of new international requirements for virtual assets, established in a revised FATF recommendation. However, Andorra’s rating on this aspect has been downgraded from “compliant” to “partially compliant”.
Key Findings
- Compliance with FATF Recommendations: Andorra now fully complies with nine out of the 40 FATF recommendations constituting the international anti-money laundering and counter-terrorist financing (AML/CFT) standard.
- Minor Deficiencies: Andorra retains minor deficiencies in implementing 28 recommendations, where it is considered “largely compliant”.
- Partially Compliant Recommendations: Three recommendations - on new technologies, powers of law enforcement, and international instruments - remain “partially compliant”.
Next Steps
The follow-up report focuses on formal changes to the legislative, regulatory, and institutional framework but does not assess the effectiveness of these reforms in practice. Andorra will report back to MONEYVAL on further progress in strengthening its AML/CFT measures within one year.
Full Report Available Online
[Link to full report]