Money Laundering Detection Methods in Andorra Under Scrutiny as Country Complies with EU Regulations and International Standards

==========================================================

The fight against money laundering and terrorist financing has been declared a national priority by the government of Andorra, prompting regular legislative updates to stay ahead of evolving international standards. As a signatory to the Monetary Agreement between Andorra and the European Union, the country is obligated to transpose EU regulations aimed at combating financial crime.

Strengthening Anti-Money Laundering Efforts

Andorra’s anti-money laundering efforts are subject to rigorous evaluations by the Council of Europe’s Moneyval committee, which assesses the country’s implementation of relevant international standards. The Financial Action Task Force (FATF) provides key recommendations for Andorra to adhere to in order to effectively prevent and detect money laundering and terrorist financing.

Key Recommendations from FATF

• Implement effective measures to prevent the misuse of companies and other legal persons for money laundering and terrorist financing.
• Ensure that financial institutions have adequate customer due diligence procedures in place.
• Strengthen the reporting and monitoring of suspicious transactions.
• Enhance international cooperation to combat money laundering and terrorist financing.

Collaboration with International Organizations

As a signatory to the Monetary Agreement, Andorra is committed to cooperating with the European Union and other international organizations to stay ahead of evolving financial crime threats. The country’s anti-money laundering efforts are regularly evaluated by Moneyval, which provides recommendations for improvement.

Resources for More Information

For more information on Andorra’s efforts to combat financial crime, contact the Unitat d’Intel·ligència Financera d’Andorra at www.uifand.ad.