Financial Crime World

Andorra’s Financial Intelligence Unit (UIFAND) Cracks Down on Money Laundering and Terrorism Financing

Andorra, the small European microstate situated between France and Spain, is making significant progress in the fight against money laundering and terrorism financing. The Financial Intelligence Unit of Andorra (UIFAND), established in 2000, plays a vital role in implementing and coordinating measures to prevent and combat these illicit activities.

Understanding Money Laundering

  • Money laundering is the process of converting or transmitting proceeds of any criminal activity.
  • Criminal activities include prostitution, intellectual property crimes, market manipulation, human trafficking, drug trafficking, unlawful associations, extortion, corruption, and document falsification.
  • The primary goal is to disguise the illicit origins of the money.

UIFAND’s Role and Functions

As Andorra’s key anti-money laundering and counter-terrorism financing body, UIFAND shoulders the responsibility for managing and promoting prevention activities. The agency’s functions include:

  • Requesting information and documents from reporting parties.
  • Conducting on-site inspections.
  • Gathering and analyzing statements and communications.
  • Ordering operation blockades.
  • Cooperating with foreign organizations.
  • Punishing administrative offenses.

Reporting Parties

According to the Act on international cooperation in criminal matters and prevention of the laundering of money or securities constituting the proceeds of international crime, of December 29, 2000, the following parties are required to report any transactions that might involve money laundering or terrorism financing:

  • Financial institutions.
  • External accountants and auditors.
  • Notaries.
  • Lawyers.
  • Real estate agents.
  • Casinos.

Prevention Laws and Regulations

Andorra’s legislation against money laundering and terrorism financing comprises several laws and decrees enacted between 2000 and 2015. These laws mandate financial institutions and reporting parties to:

  • Implement policies and procedures to prevent money laundering and terrorism financing.
  • Conduct customer due diligence.
  • Report suspicious transactions to UIFAND.

MoraBanc’s commitments

MoraBanc, a leading financial institution in Andorra, has taken steps to prevent money laundering and terrorism financing:

  • Established specific policies.
  • Implemented client identification and ongoing monitoring procedures.
  • Communicated with authorities.
  • Created internal controls.

For more detailed information about UIFAND, money laundering prevention, and reporting parties, please visit the UIFAND website: www.uifand.ad.