Financial Crime World

Andorra Toughens Up on Money Laundering Detection

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The tiny principality of Andorra has taken a significant step to strengthen its defenses against money laundering. The Financial Intelligence Unit of Andorra (UIFAND), established in 2000, has been working diligently to prevent the illicit flow of funds through the country’s financial system.

Who is Responsible for Money Laundering Prevention?

The UIFAND is the primary body responsible for promoting and coordinating measures to combat money laundering and terrorist financing. Its functions include:

  • Managing prevention activities
  • Requesting information from reporting parties
  • Carrying out on-site inspections
  • Analyzing statements and communications

Who are the Reporting Parties?

A wide range of entities and individuals are subject to this Act, including:

  • Financial services providers
  • Insurance companies
  • Post office giro institutions
  • External accountants
  • Tax advisers
  • Auditors
  • Notaries
  • Lawyers
  • Economists
  • Managers
  • Real estate agents
  • Casinos
  • Online gambling sites
  • Associations
  • Foundations
  • Other non-profit entities

These reporting parties are required to report suspicious transactions to the UIFAND.

Prevention of Funds Laundering and Financing of Terrorism

Andorra has enacted several laws and decrees to prevent money laundering and terrorist financing, including:

  • The Act on International Cooperation in Criminal Matters and Prevention of Money or Securities Constituting Proceeds of International Crime

MoraBanc, a leading financial institution in Andorra, has also implemented specific policies to prevent money laundering and terrorism financing.

MoraBanc’s Policy

MoraBanc’s policy is based on:

  • Identifying and knowing its clients
  • Constant follow-up of operations
  • Existence of an internal control body
  • Implementation of written procedures
  • Spread of prevention culture through training activities
  • Communication with relevant authorities

The bank also encourages transparency and cooperation to prevent the illicit flow of funds.

More Information

For more information on preventing money laundering and financing terrorism in Andorra, visit the Financial Intelligence Unit of Andorra website at www.uifand.ad.