Title: Banca Privada d’Andorra Designated as Major Money Laundering Concern by US FinCEN

FinCEN’s Action against Banca Privada d’Andorra (BPA)

The Financial Crimes Enforcement Network (FinCEN), the US financial watchdog, has identified Banca Privada d’Andorra (BPA) as a foreign financial institution of primary money laundering concern. This action comes under Section 311 of the USA PATRIOT Act, due to BPA’s longstanding pattern of knowingly facilitating transactions for money launderers.

Extensive Evidence against BPA

FinCEN’s findings are based on extensive evidence suggesting that BPA management has facilitated transactions related to money laundering activities for several years. No further details about the evidence have been disclosed at present.

BPA’s High Net Worth Private Banking Services

Headquartered in Andorra, BPA specializes in high net worth private banking and wealth management services, with operations in multiple jurisdictions. This designation could significantly impact its international reputation and relationships, increasing concerns from regulatory bodies and other financial institutions.

Global Push to Curb Financial Crimes

This designation comes as part of a broader international push to curb financial crimes, particularly money laundering. Global efforts to enhance cooperation and strengthen legal frameworks for combating financial crimes have gained increased attention.

FinCEN’s Commitment to Identifying Money Laundering Networks

FinCEN’s announcement signals its dedication to identifying and disrupting criminal financial networks, regardless of their location. The consequences could range from increased regulatory scrutiny to potential legal actions and financial sanctions.

BPA’s Response

BPA has yet to respond to the US investigation or the designation. Further developments are expected in the coming weeks.

• FinCEN press release
• Banca Privada d’Andorra website