Financial Crime World

Here is the converted article in Markdown format:

Andorra’s Efforts to Combat Money Laundering and Terrorist Financing Yield Positive Results, MONEYVAL Reports

Strengthened Framework for Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT)

In a significant development, Andorra has made substantial progress in strengthening its framework to combat money laundering and terrorist financing. This positive outcome is reflected in the country’s re-rating from MONEYVAL on several key recommendations.

Re-Rating: From “Partially Compliant” to “Largely Compliant”

MONEYVAL, an international financial watchdog, has re-rated Andorra as “largely compliant” on three previously “partially compliant” recommendations:

  • Recommendation 25: Transparency and beneficial ownership of legal arrangements
  • Recommendation 26: Regulation and supervision of financial institutions
  • Recommendation 28: Regulation and supervision of DNFBPs (Designated Non-Financial Businesses and Professions)

This re-rating represents a significant improvement from Andorra’s previous rating.

Progress on Implementing AML/CFT Measures

Andorra adopted its mutual evaluation report in September 2017, which assessed the effectiveness of its anti-money laundering and counter-terrorist financing measures. The country was subsequently placed under an enhanced follow-up process to address technical compliance deficiencies identified in the report.

Andorra has now reported back to MONEYVAL on the progress it has made in addressing these deficiencies. The organization’s latest follow-up report analyzes the country’s efforts to strengthen its AML/CFT framework.

Current Status

As a result of Andorra’s progress, the country:

  • Ranks as “compliant” on ten of the 40 Financial Action Task Force (FATF) recommendations
  • Is rated as “largely compliant” on twenty-seven recommendations
  • Remains “partially compliant” on three recommendations

Future Monitoring and Reporting Requirements

MONEYVAL has decided to maintain Andorra in its enhanced follow-up process and will continue to monitor the country’s progress in implementing AML/CFT measures. Andorra is required to continue reporting back to MONEYVAL on its efforts to strengthen its anti-money laundering and counter-terrorist financing framework.