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Andorra Improves Compliance with International Anti-Money Laundering and Countering the Financing of Terrorism Standards in Non-Profit Organisation Sector

Strasbourg, December 7, 2021

Andorra has made significant progress in combating money laundering and terrorist financing, particularly in the non-profit organisation sector, according to a follow-up report published by MONEYVAL today. The country’s compliance with international standards has been upgraded, reflecting its efforts to address previous shortcomings.

Improvements in Non-Profit Organisation Sector

The MONEYVAL report assesses Andorra’s risk assessment of the non-profit organisations sector, as well as its supervision and regulation of this area. The assessment also examines legislative, regulatory, and institutional measures implemented by Andorra to combat money laundering and terrorist financing. As a result, Andorra has been upgraded from “partially compliant” to “largely compliant” with FATF recommendations concerning non-profit organisations.

Key Findings

• Andorra’s compliance with international standards has been upgraded.
• The country is now considered “largely compliant” with FATF recommendations concerning non-profit organisations.
• Andorra retains minor deficiencies in implementing twenty-eight recommendations, where it is considered “largely compliant”.

Virtual Assets Implementation

The report also evaluates Andorra’s implementation of new international requirements for virtual assets, covering prominent virtual currencies and their providers. However, the country’s rating on this aspect has been downgraded from “compliant” to “partially compliant”.

Key Findings

• Andorra’s implementation of virtual assets is now considered “partially compliant”.
• The country retains minor deficiencies in implementing three recommendations.

Overall Compliance

Andorra now fully complies with nine out of forty FATF recommendations, constituting the international AML/CFT standard. The country retains minor deficiencies in implementing twenty-eight recommendations, where it is considered “largely compliant”. Three recommendations remain “partially compliant”, while none have been rated as “non-compliant”.

Future Expectations

Andorra is expected to report back to MONEYVAL on further progress in strengthening its implementation of AML/CFT measures within one year.

Full Report

The full follow-up report can be accessed at [link].