Financial Crime World

Andorra’s AFSI Firm at Center of Money Laundering Scandal

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A private contract between Andorra-based firm AFSI and an individual has revealed a complex web of financial structures and shell companies used to launder money and hide the true ownership of businesses. The documents, obtained by EL PAÍS, show that AFSI worked with various individuals and firms linked to high-profile corruption cases in Spain, Brazil, and Portugal.

Complex Financial Structures

AFSI’s actions have raised concerns about its role in facilitating money laundering and tax evasion. The firm created complex financial structures, including:

  • Shell companies in the Virgin Islands and Dutch Antilles to hide true ownership of businesses
  • Bank accounts in Andorra for individuals involved in money laundering schemes

High-Profile Corruption Cases

The documents reveal AFSI’s involvement with individuals linked to high-profile corruption cases:

  • Ángel Cisneros Pérez: Owner of Lelila Inc, involved in a €70 million illegal transfer from Andorra to China
  • Jaume Sabater Rovira: Proxy for opening bank accounts in the Bahamas and linked to embezzlement of public funds in Catalonia
  • Luis Carlos Fernandes Afonso: Financial director of the Petros Foundation, linked to Brazil’s Petrobras oil company and embroiled in the country’s largest corruption scandal, “Lava Jato”

Investigation and Repercussions

The Andorran government has launched an investigation into a dozen cases arising from the main BPA case, which involved money laundering and corruption allegations. Critics argue that more needs to be done to address the root causes of these issues and ensure greater transparency in the financial sector.

  • The country has been working to improve its reputation by strengthening its financial regulations and cooperating with international authorities
  • AFSI’s version of events remains unclear, leaving the public wondering about the true extent of its involvement

Calls for Greater Transparency

The revelations have sparked concerns about Andorra’s commitment to fiscal transparency and its role in facilitating financial crimes. EL PAÍS has requested comments from AFSI and Andbank, but they have declined to respond.

  • More needs to be done to address the root causes of these issues
  • Greater transparency is needed in the financial sector

The investigation is ongoing, and the public awaits answers about AFSI’s involvement in these cases.