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Andorra Addresses Deficiencies, Regains Compliance with AML/CFT Standards

The Council of Europe’s Moneyval Committee has upgraded Andorra’s rating from Partially Compliant (PC) to Largely Compliant (LC) after addressing major deficiencies in its anti-money laundering and combating the financing of terrorism (AML/CFT) regime.

Major Improvements

Andorra has implemented new provisions under the AML/CFT Act, meeting criteria such as:

  • Requiring all cross-border wire transfers to be accompanied by relevant beneficiary information, regardless of amount.
  • Strengthening its CDD measures, ensuring that obliged entities, including DNFBPs, comply with requirements set out in Recommendation 10.

Additional Measures

The AML/CFT Act also requires:

  • Casinos and other gambling services providers to apply CDD measures upon collection of winnings or wagering of a stake, when carrying out transactions amounting to €2,000 or more.
  • The definition of trust and company service providers has been expanded to include activities such as providing accommodation for companies, partnerships, or legal persons.

Progress Made

While some minor shortcomings remain, Andorra’s efforts have significantly improved its AML/CFT regime, addressing deficiencies in areas including:

  • Record keeping
  • Reporting obligations
  • Requirements for DNFBPs

The country has also rectified issues related to relying on third parties for obtaining CDD information.

Key Developments

  • New provisions require all cross-border wire transfers to be accompanied by relevant beneficiary information, regardless of amount.
  • Strengthened CDD measures for obliged entities, including DNFBPs.
  • Casinos and other gambling services providers must apply CDD measures upon collection of winnings or wagering of a stake, when carrying out transactions amounting to €2,000 or more.
  • Definition of trust and company service providers expanded to include activities such as providing accommodation for companies, partnerships, or legal persons.
  • Minor shortcomings remain in areas including record keeping, reporting obligations, and requirements for DNFBPs.

Next Steps

Andorra will continue to work towards addressing remaining deficiencies and ensuring its AML/CFT regime remains effective and robust. The country’s progress will be closely monitored by Moneyval to ensure continued compliance with international standards.