Andorra Strengthens Measures Against Money Laundering
Andorra’s banking sector has made significant strides in preventing money laundering, according to a recent evaluation by Moneyval, the Council of Europe’s committee of experts on combating money laundering and terrorism financing.
Key Measures to Prevent Money Laundering
As part of its commitment to international standards, Andorra has implemented a range of measures aimed at curbing illicit financial activity. Some of these key measures include:
- Beneficial Ownership Regulation: Companies, associations, and foundations registered in Andorra are required to maintain accurate and up-to-date information on beneficial owners.
- Enhanced Transparency: The Government of Andorra has issued a decree setting out rules for recording and accessing beneficial ownership data in company registers. This aims to enhance transparency and facilitate the identification of individuals behind shell companies or other opaque entities.
- Classification of Tax Crimes: Andorra’s legal system has been revised to classify tax crimes, reflecting the country’s commitment to adopting international best practices.
Additional Measures
Andorra has also taken additional measures to strengthen its regulatory framework and increase transparency. These include:
- Creation of a Register of Financial and Similar Accounts: Payment institutions and electronic money institutions operating in Andorra are required to disclose identification data for account holders or beneficial owners, as well as details on bank accounts with IBAN numbers and safe deposit box contracts.
- Enhanced Compliance Measures by Banks: The banking sector has upgraded its compliance measures to prevent money laundering, demonstrating a commitment to maintaining a strong reputation as a secure and compliant financial hub in Europe.
These enhancements demonstrate Andorra’s dedication to combating money laundering and adhering to international standards. By strengthening its regulatory framework and increasing transparency, the Principality aims to maintain a strong reputation as a secure and compliant financial hub in Europe.