Title: Andorran Financial Authority Joins Elite Rank of Global Financial Regulators through GIFCS Membership

Andorra

The Andorran Financial Authority (AFA), the regulatory body responsible for supervising and regulating the financial system within Andorra, has become a member of the renowned Group of International Finance Centre Supervisors (GIFCS). This significant milestone underscores the Principality’s commitment to maintaining a robust and well-regulated financial sector.

GIFCS Welcomes Andorra

John Aspden, Chairman of the GIFCS, welcomed Andorra into the organization, founded in 1980 and primarily composed of smaller nations engaged in international finance business. Mr. Aspden stated, “We are delighted to welcome Andorra to our esteemed organization. Their addition strengthens our ability to promote and implement international regulatory standards, particularly in areas such as banking, fiduciary services, and anti-money laundering and countering the financing of terrorism (AML/CFT).”

AFA’s Membership Affirms Commitment to Regulatory Excellence

David Cerqueda, Managing Director of the AFA, reciprocated the sentiment, emphasizing that Andorra’s membership in the GIFCS reinforces the Principality’s dedication to upholding the highest regulatory standards and fostering a secure and well-regulated financial environment. Mr. Cerqueda remarked, “The AFA is deeply honored to join the prestigious ranks of the Group of International Financial Centre Supervisors. Andorra’s reputation as a reliable and reputable global financial center, known for its solid banking system, transparency, and adherence to international benchmarks, makes this membership a testament to our unwavering commitment to regulatory excellence.”

GIFCS: A Leading Voice in Global Financial Regulation

With a market share representing almost 10% of global international banking assets, the GIFCS has emerged as a driving force in promoting compliance among its members with the Basel Core Principles and FATF Recommendations on AML/CFT. Additionally, the organization plays a significant role in the operational work of the International Organization of Securities Commissions (IOSCO).

Trust and Company Service Provider Regulation

The GIFCS is internationally recognized as a leading authority on the regulation of trust and company service providers, the interface between these intermediaries and AML/CFT standards, and the fundamental principle of identifying beneficial owners behind trust and company structures. The group has established an international Standard for the regulation of the trust and company service provider (TCSP) sector, which is being adopted by members and against which their compliance is formally assessed.

Contact Information

For more information about the Group of International Finance Centre Supervisors, please contact:

John R. Aspden Chairman, Group of International Finance Centre Supervisors C/o PO Box 58 Finch Hill House Bucks Road Douglas Isle of Man IM99 1DT

Web: www.groupgifcs.org Email: jaspden@groupgifcs.org Tel: +44 (0)7403610895