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Andorra’s Efforts to Combat Money Laundering and Terrorist Financing Revealed in FATF Report

The Financial Action Task Force (FATF) has released its Mutual Evaluation report for Andorra, assessing the country’s efforts to combat money laundering and terrorist financing. The report highlights areas of compliance and non-compliance with international standards.

Progress Made, but Areas for Improvement Remain

According to the report, Andorra has made progress in implementing certain recommendations, such as:

  • National cooperation and coordination
  • Confiscation and provisional measures
  • Transparency and beneficial ownership of legal persons and arrangements

However, there are still several areas where improvement is needed.

FATF Assessment Results

Andorra was found partially compliant (PC) in 14 out of 40 areas assessed by the FATF, including:

  • Assessing risk and applying a risk-based approach
  • Financial institution secrecy laws
  • Customer due diligence
  • Record keeping
  • Reliance on third parties

The country was also found largely compliant (LC) in several areas, such as:

  • Targeted financial sanctions related to terrorism and terrorist financing
  • Correspondent banking
  • Reporting of suspicious transactions

However, Andorra was identified as non-compliant (NC) in four areas, including:

  • Money laundering offence
  • Powers of supervisors
  • Mutual legal assistance

Additionally, the country was found compliant (C) in only three areas, including:

  • Confiscation and provisional measures related to proliferation
  • Higher-risk countries
  • Cash couriers

Recommendations for Improvement

The FATF report also highlights several recommendations for improvement, including:

  • Strengthening Andorra’s financial intelligence unit
  • Improving its regulation and supervision of financial institutions and DNFBPs (Designated Non-Financial Businesses and Professions)
  • Enhancing its international cooperation and mutual legal assistance agreements

Conclusion

Overall, the report suggests that while Andorra has made progress in implementing certain anti-money laundering and counter-terrorism financing measures, there is still much work to be done to ensure full compliance with international standards.