Financial Crime World

Andorra’s Financial Intelligence Unit (UIFAND): Leading the Charge Against Money Laundering and Terrorist Financing

Introduction

Andorra’s Financial Intelligence Unit (UIFAND) is the primary regulatory body responsible for implementing and enforcing anti-money laundering and counter-terrorist financing (AML/CFT) policies in the principality. Since its establishment in 2000, UIFAND has been actively promoting and coordinating prevention measures against financial crimes.

Combating Money Laundering and Terrorist Financing

Money laundering, the process of concealing the proceeds of criminal activities by disguising their illicit origin, is a growing concern for global economies. UIFAND has identified the following crimes as potential sources of money laundering and terrorist financing:

  • Drug trafficking
  • Prostitution
  • Intellectual property theft
  • Market manipulation
  • Human trafficking
  • Corruption
  • Document falsification
  • Unlawful associations

UIFAND’s Role and Functions

To combat these financial crimes within Andorra, UIFAND exercises various functions, including:

  1. Managing and promoting prevention activities
  2. Requesting information from reporting parties
  3. Conducting on-site inspections
  4. Cooperating with foreign organizations
  5. Punishing administrative offenses

The regulatory body is especially focused on reporting parties – financial institutions and professionals who engage in activities prone to money laundering or terrorist financing. Some of these entities include:

  • Financial services
  • Insurance companies
  • Post office giro institutions
  • External accountants
  • Lawyers
  • Real estate agents
  • Casinos
  • Online gambling sites

Andorra’s Legislative Framework

Andorra has a robust legislative framework consisting of several acts and decrees aimed at preventing international money laundering and financing of terrorism. The Act on international cooperation in criminal matters and prevention of the laundering of money or securities constituting the proceeds of international crime, of 29th December 2000, is of particular importance.

MoraBanc: A Key Financial Institution’s Preventive Approach

MoraBanc, one of Andorra’s key financial institutions, has adopted a preventive approach to financial crimes in accordance with regulatory requirements and best practices. This includes:

  1. Customer due diligence
  2. Risk assessment
  3. Ongoing monitoring
  4. Internal control
  5. Staff training

Learn More about UIFAND and AML/CFT Policies

For those interested in learning more about the AML/CFT policies and the role of UIFAND in Andorra, visit the organization’s website at www.uifand.ad.