Financial Crime World

Title: MONEYVAL Publishes Follow-Up Report on Andorra’s Progress in Anti-Money Laundering and Counter-Terrorist Financing Measures

Andorra Receives Positive Assessment from MONEYVAL

14 February 2019, Strasbourg

The Principality of Andorra has received a positive assessment from the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) in its latest follow-up report, acknowledging the progress made in implementing the recommendations provided during its mutual evaluation in September 2017.

Andorra’s Notable Achievements

  1. Strengthened legal framework: Andorra has revised its Criminal Procedure Code and implemented new regulations, including the Organic Law 1/2018, to align with international standards in countering money laundering and terrorist financing.
  2. Improved customer due diligence procedures: Authorities in Andorra have strengthened customer due diligence measures, implemented sanctions against foreign countries, and shared financial intelligence with international partners to prevent illicit activities.
  3. Enhanced supervision and control: The Principality’s financial supervisory body, the Bank of Andorra, has adopted a risk-based supervisory approach and conducted targeted inspections to ensure conformity with Anti-Money Laundering/Counter-Terrorist Financing (AML/CTF) standards.
  4. Transparency and international cooperation: Andorra has improved transparency by publishing beneficial ownership information and enhanced its international cooperation through participation in networks like the European Union’s Joint EU Financial Intelligence Units (JEFIT).

“MONEYVAL commends Andorra for the progress made in strengthening its AML/CTF regime,” said the MONEYVAL President.

Next Steps for Andorra

  1. Ratification of international conventions: Andorra is urged to ratify the United Nations Convention against Transnational Organized Crime and its Protocols against Money Laundering, Smuggling of Migrants, and the Financing of Terrorism.
  2. Addressing deficiencies: The Principality needs to address the deficiencies identified in its mutual evaluation report for continued improvement.

About MONEYVAL: MONEYVAL is the anti-money laundering and counter-terrorist financing body of the Council of Europe. It focuses on preventing various threats to the financial system and maintaining the integrity of European democracies. For more information, visit their website.

Contact:

MONEYVAL Communications Unit

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