Financial Crime World

Andorra’s Efforts to Combat Money Laundering Praised by International Experts

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The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) has released its first enhanced follow-up report on Andorra, highlighting significant progress made by the country in addressing technical compliance deficiencies and implementing new international standards.

MONEYVAL’s Assessment

Andorra was the sixth jurisdiction to undergo the fifth evaluation round among 28 jurisdictions evaluated by MONEYVAL. The permanent monitoring body of the Council of Europe assesses compliance with international standards to counter money laundering and terrorism financing, as well as effectiveness of implementation and provides recommendations for improvement.

Progress Made

Addressing Technical Deficiencies

The report analyses Andorra’s progress in addressing technical deficiencies identified in its previous mutual evaluation report (MER) adopted in September 2017. MONEYVAL found that Andorra has made significant progress in addressing these deficiencies and has been re-rated on all 12 Recommendations, with all upgraded to full compliance.

Recommendations

Upgraded to Full Compliance

All 12 Recommendations were upgraded to full compliance, demonstrating Andorra’s commitment to implementing evolving international standards.

Remaining Recommendations

  • Two recommendations remain unchanged after assessment against revised standards.
  • One recommendation was downgraded to a rating of C.

Finance Minister’s Response

Finance Minister Jordi Cinca welcomed the report, stating that it shows Andorra has “done its homework” and encourages continued efforts to improve.

Banking Association’s Praise

Andorran Banking Association General Manager Esther Puigcercós praised the hard work undertaken by Andorra in recent years, noting that the country now complies with all MONEYVAL Recommendations.

Key Findings

  • No shortcomings found in implementation of 10 Recommendations.
    • National cooperation and coordination
    • Reporting of suspicious transactions
    • Cash courier regulations

Overall Ratings

  • 24 Recommendations are rated Largely Compliant.
  • Six recommendations are Partially Compliant.

Conclusion

Andorra’s commitment to fighting money laundering and terrorist financing has been reaffirmed, demonstrating its unequivocal dedication to implementing evolving international standards.