Financial Crime World

Andorra Praised for Progress in Fighting Money Laundering and Terrorist Financing, But Urged to Continue Improving Measures

The Committee of Experts of the European Council’s Moneyval has published its Annual Report 2018, highlighting Andorra’s progress in combating money laundering and terrorist financing.

Significant Strides Made in Implementing Legislative Changes

According to the report, Andorra made significant strides in implementing legislative changes during a 2017 evaluation, resulting in 12 recommendations receiving a higher rating. The country’s efforts were praised by the Committee, which noted profound improvements.

Praise for Progress

The Committee commended Andorra on its progress, stating that it had implemented effective measures to prevent money laundering and terrorist financing. This achievement demonstrates the country’s commitment to combating these serious crimes.

Ongoing Efforts Urged

Despite this progress, Moneyval urged Andorra to continue refining its measures to prevent money laundering and terrorist financing. The report emphasizes the importance of ongoing efforts to strengthen the country’s anti-money laundering and counter-terrorism financing framework.

Recommendations for Improvement

The Committee recommended that Andorra:

  • Continue to monitor and assess the effectiveness of its measures against money laundering and terrorist financing
  • Enhance cooperation with other jurisdictions to share information and best practices
  • Strengthen its financial intelligence unit and ensure it has sufficient resources and expertise
  • Improve transparency and accountability in its regulatory and supervisory processes

Conclusion

Andorra’s progress in combating money laundering and terrorist financing is commendable, but there is still work to be done. The country must continue to refine its measures to prevent these crimes and strengthen its anti-money laundering and counter-terrorism financing framework.

For further information on the Moneyval Annual Report 2018, please visit: https://rm.coe.int/ moneyval-annual-report-2018/168097e0a2