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Andorra’s Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Framework Evaluation Report
Summary
The report evaluates Andorra’s compliance with various recommendations related to AML/CFT, specifically:
- Recommendation 10 (R.10): Customer Due Diligence (CDD)
- Recommendation 11 (R.11): Record-keeping
- Recommendation 12 (R.12): Reporting obligations
- Recommendation 15 (R.15): International cooperation
- Recommendation 17 (R.17): Powers to freeze and confiscate proceeds of crime
Highlights
Improvements
Andorra has addressed several shortcomings identified in the previous evaluation, including:
- Implementing CDD measures for all obliged entities, including DNFBPs.
- Increasing the threshold for casinos’ reporting requirements from EUR 15,000 to EUR 2,000.
- Expanding the definition of trust and company service providers.
- Improving record-keeping provisions.
Remaining Shortcomings
Some minor issues persist, such as:
- The definition of trust and company service providers still being narrower than required by the standards.
- Reporting entities not immediately obtaining information on the nature and purpose of business relationships when relying on third parties.
Rating Changes
Andorra’s ratings have changed as follows:
- Recommendation 22 (R.22): Andorra is re-rated as “Low-Compliant” (LC) due to its efforts to address deficiencies.
- Recommendation 23 (R.23): Andorra is also re-rated as “Low-Compliant” (LC) due to improvements made in addressing shortcomings.
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