Andorra Approves Amendments to Fight Money Laundering and Terrorism

Strengthening Efforts Against Illicit Activities

The Government of Andorra has taken a significant step towards enhancing its efforts against money laundering and terrorism by approving amendments to the country’s Criminal Code. This move is part of the principality’s commitment to align itself with international standards in combating these illicit activities.

Background: EU Directive Implementation

In 2011, Andorra ratified the Monetary Agreement with the European Union, which led to the incorporation of the EU Directive on preventing the use of financial systems for money laundering or terrorism financing into Andorran law. However, recent developments have highlighted the need for updates to the country’s Criminal Code to bring it in line with contemporary international standards.

Key Amendments

The proposed amendments introduce several key changes:

• Differentiation of Tax Crimes: Offenses are categorized based on their severity, distinguishing between:
  • Base amounts (up to €50,000)
  • More serious instances with aggravating factors (exceeding €150,000)
  • Offenses linked to organized crime groups
• Expanded List of Crimes: The revised list now includes the financing of both illegal political parties and public organizations

Next Steps

The proposed changes will be submitted to the Andorran Parliament for consideration in the near future. Minister of Finance Jordi Cinca has announced the submission of these amendments, marking an important step towards strengthening Andorra’s efforts against money laundering and terrorism.

These developments reflect Andorra’s commitment to international cooperation and its dedication to maintaining a secure financial environment.