Financial Crime World

Andorra’s Strides in Fighting Money Laundering and Terrorist Financing in the Non- profit Sector: A Moneyval Recognition

Strasbourg, France - December 7, 2021

The European Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (Moneyval) has recognized Andorra for its progress in addressing money laundering and terrorist financing issues within the non-profit sector.

Moneyval’s Commendation

  • Moneyval commended Andorra for addressing key deficiencies, with particular focus on the application of Customer Due Diligence (CDD) measures for non-profit organizations (NPOs).
  • These improvements signify Andorra’s progress towards full compliance with the Financial Action Task Force (FATF) recommendations.

Strengthening Andorra’s Regulatory Framework

Under the new regulations:

  1. Andorra’s Financial Intelligence Unit (FIU) can request additional information from NPOs.
  2. NPOs must register with the government and adopt robust due diligence procedures.

Significant Steps Forward

These measures represent substantial steps taken by Andorra to:

  1. Strengthen its regulatory framework.
  2. Enhance its reputation as a global leader in combating financial crimes.

A Model for Other Countries

  • Andorra’s commitment to enhancing its AML/CFT regulations has been praised by Moneyval.
  • It serves as an example for other countries to follow in their efforts to combat money laundering and terrorist financing.

Moneyval’s Evaluations

  • Moneyval conducts evaluations based on the FATF methodology, an internationally recognized set of standards for assessing AML/CFT regimes.
  • The organization’s reports contribute significantly to the global effort against money laundering and terrorist financing.

Commitment to a Transparent Financial System

By adhering to these standards, Andorra demonstrates its:

  1. Unwavering commitment to a transparent and trustworthy financial system.
  2. Determination to achieve full compliance with the FATF recommendations.
  3. Aspirations to emerge as a reputable financial hub.

About Moneyval

Moneyval, the European Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, is an intergovernmental organization affiliated with the Council of Europe. Its mission is to assess the adequacy of AML/CFT measures and aid in the development of a stronger and more effective European anti-money laundering system. Moneyval Evaluation Reports shed light on jurisdictions progress in implementing FATF recommendations.