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Andorra Improves Anti-Money Laundering Measures, Non-Profit Sector Gets Boost

Strasbourg, December 7, 2021

Andorra has made significant strides in combating money laundering and terrorist financing, particularly in its non-profit organization sector. According to a follow-up report from MONEYVAL, the country’s efforts have earned it an upgrade in compliance with Financial Action Task Force (FATF) standards.

MONEYVAL’s Assessment

MONEYVAL evaluated Andorra’s risk assessment of the non-profit organizations sector, supervision, and regulation, as well as legislative, regulatory, and institutional measures implemented to address shortcomings identified in a 2017 evaluation report. As a result, MONEYVAL has upgraded Andorra’s rating from “partially compliant” to “largely compliant” with FATF recommendations on non-profit organizations.

Virtual Assets

The follow-up report also examined Andorra’s implementation of new international requirements for virtual assets established by the revised FATF recommendation. This covers prominent virtual currencies and providers. However, the country’s rating was downgraded from “compliant” to “partially compliant” due to minor deficiencies in this area.

Compliance Status

Despite this setback, Andorra has achieved full compliance with nine of the forty FATF recommendations constituting the international anti-money laundering and countering the financing of terrorism (AML/CFT) standard. The country remains largely compliant with twenty-eight recommendations, while three remain partially compliant. No non-compliant ratings were identified.

Next Steps

The MONEYVAL report does not assess the effectiveness of these reforms in practice, as it only examines formal changes to Andorra’s legislative, regulatory, and institutional framework. The country is expected to provide further updates on its progress in strengthening AML/CFT measures within the next year.

Additional Information

For more information or to access the full report, please visit [insert link].

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