Financial Crime World

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Money Laundering in Andorra: What You Need to Know

Located between France and Spain, Andorra’s banking sector plays a crucial role in the country’s economy. But behind the scenes, regulatory bodies work tirelessly to prevent money laundering and ensure financial stability.

The Regulatory Landscape

The Association of Andorran Banks and the country’s regulatory and supervisory bodies are at the forefront of this effort. The Andorran Financial Centre, which represents the interests of banks operating in the country, is committed to upholding good banking practices.

Andorra has three major banking groups:

  • Andbank: Emerging from the merger of two leading banks in 2001.
  • Mora Banc Grup: Founded in 1958 as Banca Coma, before changing its name several times.
  • Grup Creand: A prominent player in Andorran banking.

Combating Money Laundering

The Andorran Financial Authority (AFA) is the country’s top financial regulator, responsible for promoting and monitoring the proper operation of the financial system. AFA operates independently of the government and is committed to:

  • Promoting good banking practices
  • Monitoring financial activities
  • Ensuring compliance with global standards

Andorra also has a dedicated Financial Intelligence Unit (UIFAND), established in 2000 to combat money laundering and terrorism financing. The unit works closely with international organizations like Moneyval and FATF.

Coordinating Efforts

The Standing Committee on the Prevention of Money Laundering and Financing of Terrorism brings together representatives from various government ministries and agencies to coordinate efforts against these crimes.

Additionally, the State Agency for the Resolution of Banking Institutions (AREB) was established in 2015 to manage banking crises and ensure financial stability. AREB operates independently but is subject to private law when exercising its administrative powers.

Conclusion

With these regulatory bodies working together, Andorra is well-equipped to tackle money laundering and maintain a stable and secure financial system.