Andorra Boosts Fight Against Money Laundering with State-of-the-Art Detection Machines
The Principality of Andorra has made significant strides in combating money laundering and terrorist financing by implementing advanced detection machines. Located in the Pyrenees mountains between France and Spain, Andorra has long been committed to strengthening its anti-money laundering (AML) framework.
Comprehensive AML Legislation
Andorra’s AML legislation is comprehensive and robust, with the main law governing AML, the Law on the Prevention and Fight against Money Laundering and the Financing of Terrorism, enacted in 2010. This law establishes the obligations of financial institutions, designated non-financial businesses and professions (DNFBPs), and other entities to prevent and detect money laundering activities.
Obligations of Financial Institutions
- Implement robust customer due diligence procedures
- Identify and verify customers’ identities
- Monitor transactions
- Report suspicious activities to the Financial Intelligence Unit (FIU)
Obligations of DNFBPs
- Conduct customer due diligence measures
- Identify beneficial owners
- Implement internal controls
- Report suspicious transactions to the FIU
Financial Intelligence Unit
The country’s Financial Intelligence Unit plays a crucial role in the fight against money laundering, receiving, analyzing, and disseminating information on suspicious transactions to relevant law enforcement and supervisory authorities.
International Cooperation
Andorra is a member of the Financial Action Task Force (FATF) and has undergone mutual evaluations by the FATF to assess its compliance with global standards. The country has also signed various international agreements and treaties on mutual legal assistance and extradition, facilitating cooperation with other countries in AML investigations and prosecutions.
State-of-the-Art Detection Machines
Andorra’s commitment to combating money laundering is evident in its implementation of advanced detection machines, designed to detect and prevent illegal activities. The country’s efforts have not gone unnoticed, with the European Union acknowledging Andorra’s progress in strengthening its AML framework.
Conclusion
With its robust AML measures, international cooperation, and state-of-the-art detection machines, Andorra is a model for other countries looking to strengthen their fight against money laundering and terrorist financing.