Financial Crime World

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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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