Financial Crime World

Andorra’s Unyielding Commitment to Combating Money Laundering and Terrorist Financing: A Glance at the Principality’s AML/CFT Policies

Andorra, the picturesque European microstate situated between France and Spain, is not only famous for its breathtaking landscapes and unique cultural heritage, but also for its unwavering commitment to preventing money laundering and terrorist financing. This priority reflects international standards set by organizations such as the Financial Action Task Force (FATF) and Moneyval.

Under FATF and Moneyval Scrutiny

Being under the continuous scrutiny of the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (Moneyval), Andorra ensures it effectively implements international standards, as outlined by the FATF recommendations. The evaluations aim to maintain a high level of vigilance against illicit financial activities.

The Fight Against Financial Crimes

The Unitat d’Intel·ligència Financera d’Andorra (UIFAND), the national financial intelligence unit, plays a pivotal role in the fight against money laundering and terrorist financing. UIFAND works closely with law enforcement agencies, the international community, and other financial intelligence units to:

  • Detect potential money laundering and terrorist financing incidents.
  • Prevent financial crimes from occurring.
  • Report any suspicious transactions.

Regulatory Framework

Andorra’s commitment is evident from its extensive regulatory framework that includes:

  1. The Anti-Money Laundering Law of 2010
  2. The Anti-Money Laundering and Counter-Terrorist Financing Regulation of 2013
  3. The Financial Transactions Law of 2016

These regulations support Andorra’s efforts to meet European Union standards as per the Monetary Agreement.

Staying Ahead in the Global Effort

Andorra’s continuous strengthening of its measures in the anti-money laundering and counter-terrorist financing realm allows the country to stay at the forefront of the global effort to combat financial crimes. Regular evaluations and collaborations with international organizations ensure Andorra’s policies remain up to date and effective.

For more information, kindly visit the Unitat d’Intel·ligència Financera d’Andorra’s website: www.uifand.ad/.