Financial Crime World

Andorra Takes Steps to Improve Money Laundering Detection

The Council of Europe’s MONEYVAL body has published a follow-up report on Andorra, highlighting progress in strengthening its framework to combat money laundering and terrorist financing.

Background

In 2017, Andorra was placed under an enhanced follow-up process following the adoption of its mutual evaluation report. The report assessed the effectiveness of the country’s anti-money laundering and counter-terrorist financing measures and their compliance with Financial Action Task Force (FATF) recommendations.

Progress in Implementing FATF Recommendations

MONEYVAL has re-rated Andorra on 12 FATF recommendations, with significant improvements in the following areas:

Improved Compliance

  • Money laundering offence: Recommendation 3 is now rated as “largely compliant”
  • Politically exposed persons: Recommendation 12 is now rated as “largely compliant”
  • Wire transfers: Recommendation 16 is now rated as “largely compliant”
  • DNFBPs: customer due diligence: Recommendation 22 is now rated as “largely compliant”
  • DNFBPs: other measures: Recommendation 23 is now rated as “largely compliant”

Enhanced Compliance

  • National cooperation and coordination: Recommendation 2 is now rated as “compliant”
  • Record keeping: Recommendation 11 is now rated as “compliant”
  • New technologies: Recommendation 15 is now rated as “compliant”
  • Reporting of suspicious transactions: Recommendation 20 is now rated as “compliant”
  • Tipping-off and confidentiality: Recommendation 21 is now rated as “compliant”
  • Cash couriers: Recommendation 32 is now rated as “compliant”

Ongoing Requirements

Andorra will continue to report back to MONEYVAL in December 2019 on further progress to strengthen its implementation of anti-money laundering measures. The country’s enhanced follow-up process is set to continue until it meets the FATF requirements.

By implementing these improvements, Andorra demonstrates its commitment to combating money laundering and terrorist financing, ensuring a safer financial environment for its citizens and global stakeholders alike.