Andorra Takes Steps to Prevent Money Laundering

In a bid to strengthen its financial sector and maintain international standards, Andorra has established regulatory and supervisory bodies to combat money laundering. The country’s banking system consists of three major groups: Andbank, Mora Banc Grup, and Grup Creand.

Regulatory and Supervisory Bodies

The Association of Andorran Banks represents the interests of these institutions and promotes good banking practices. However, it is the regulatory and supervisory bodies that play a crucial role in preventing money laundering and ensuring financial stability.

Andorran Financial Authority (AFA)

At the heart of Andorra’s financial regulation system is the AFA, an independent public law entity responsible for overseeing the country’s financial system. AFA promotes and monitors the proper operation and stability of the financial sector, ensuring that it adheres to international standards.

Preventing Money Laundering and Terrorism Financing

The Andorran Financial Intelligence Unit (UIFAND) is another key player in preventing money laundering and terrorism financing. Established in 2000 under the Law on International Criminal Co-operation, UIFAND’s mission is to promote and coordinate measures to prevent these illicit activities.

Standing Committee on Money Laundering Prevention

In 2008, the Standing Committee on the Prevention of Money Laundering and Financing of Terrorism was created to improve coordination among agencies and ministries involved in preventing money laundering and terrorism financing. The committee is chaired by the head of UIFAND and brings together representatives from various government departments.

State Agency for the Resolution of Banking Institutions (AREB)

The AREB was established in 2015 to manage resolution processes of banking institutions and exercise other powers attributed to it. AREB is a public law entity with its own legal personality, patrimonial and financial autonomy.

Andorra’s Commitment to Financial Integrity

Andorra’s regulatory and supervisory bodies demonstrate the country’s commitment to maintaining international standards in financial regulation and combating money laundering. By working together, these entities ensure that Andorra’s financial sector operates with integrity and transparency.