Andorra Takes Step Towards Strengthening Fight Against Money Laundering and Terrorism Financing

The Government of Andorra has approved amendments to its Criminal Code aimed at bolstering efforts against money laundering and terrorism financing.

International Standards Alignment

The changes are in line with international standards set by the European Union, which Andorra ratified through the Monetary Agreement between the principality and the EU in 2011.

Revised Classification System

The revised code introduces a new classification system for tax crimes, distinguishing between:

• Base Crimes: Those involving less than €50,000
• Crimes with Aggravating Circumstances: Those exceeding €150,000
• Criminal Organization-Perpetrated Crimes: Those committed by criminal organizations

Additionally, the new list of crimes will include the financing of:

• Illegal Political Parties
• Public Organizations

Next Steps

Andorran Minister of Finance Jordi Cinca has announced that the amendments will be submitted to the Andorran Parliament in the near future.

Significance

The move is seen as a significant step towards aligning Andorra’s laws with international best practices in combating money laundering and terrorism financing, ensuring the principality’s financial system remains secure and transparent.