Financial Crime Awareness Campaign Launched in Andorra

The government of Andorra has launched a nationwide financial crime awareness campaign aimed at educating citizens on the risks and consequences of money laundering, terrorist financing, and other illicit activities. The campaign seeks to promote a culture of transparency and accountability in the country’s financial sector.

Background

Andorra has made significant progress in implementing the technical requirements of the Financial Action Task Force (FATF) Recommendations. However, there are still areas that require improvement. According to the FATF Mutual Evaluation 2017, Andorra scored well in some areas but had room for improvement in others.

Key Highlights from Andorra’s FATF Mutual Evaluation 2017

• Assessing risk and applying a risk-based approach (R.1): Largely Compliant (LC)
• National cooperation and coordination (R.2): Partially Compliant (PC)
• Money laundering offence (R.3): Partially Compliant (PC)
• Confiscation and provisional measures (R.4): Compliant (C)
• Terrorist financing offence (R.5): Largely Compliant (LC)

Focus Areas of the Campaign

The campaign will focus on key areas including:

• Customer due diligence (R.10)
• Record keeping (R.11)
• Politically exposed persons (R.12)
• Correspondent banking (R.13)
• Money or value transfer services (R.14)

Impact of the Campaign

Andorra’s financial crime awareness campaign is a positive step towards strengthening the country’s anti-money laundering and combating terrorist financing regime. It demonstrates the government’s commitment to protecting the integrity of its financial system and preventing illicit activities.