Andorra's measures to combat money laundering and the financing of terrorism and proliferation

Publication details

Language

English

Country

Andorra

MONEYVAL Mutual Evaluation Report of Andorra - 2017

Filename
MONEYVAL-MER-Andorra-2017.pdf
Size
2 MB
Format
application/pdf
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This report provides a summary of the anti-money laundering (AML) and counter-terrorist financing  (CFT) measures in place in the Principality of Andorra (Andorra) as at the date of the on-site visit (between 6 and 18 March 2017). It analyses the level of compliance with the Financial Action Task Force (FATF) 40 Recommendations and the level of effectiveness of Andorra’s AML/CFT system, and provides recommendations on how the system could be strengthened. 

Andorra's main ML threat originates from foreign criminals who use the Andorran financial system to launder proceeds from foreign predicate crimes. The NRA identifies that tax evasion, fraud, corruption, drug trafficking and tobacco smuggling pose a threat to Andorra.

The findings of this assessment have also been reviewed and endorsed by the FATF. 

 

 

 

More information: 

The FATF Recommendations

FATF Methodology for assessing compliance with the FATF Recommendations and the effectiveness of AML/CFT systems

Consolidated assessment ratings - an overview of ratings that assessed countries obtained for effectiveness and technical compliance.

 

 

 

 

 

 

 

Technical Compliance

Ratings which reflect the extent to which a country has implemented the technical requirements of the FATF Recommendations.

Andorra Mutual Evaluation 2017

R.1 - Assessing risk & applying risk-based approach
LC
R.2 - National cooperation and coordination
PC
R.3 - Money laundering offence
PC
R.4 - Confiscation and provisional measures
C
R.5 - Terrorist financing offence
LC
R.6 - Targeted financial sanctions related to terrorism & terrorist financing
LC
R.7 - Targeted financial sanctions related to proliferation
C
R.8 - Non-profit organisations
PC
R.9 - Financial institution secrecy laws
LC
R.10 - Customer due diligence
LC
R.11 - Record keeping
LC
R.12 - Politically exposed persons
PC
R.13 - Correspondent banking
LC
R.14 - Money or value transfer services
LC
R.15 - New technologies
PC
R.16 - Wire transfers
PC
R.17 - Reliance on third parties
LC
R.18 - Internal controls and foreign branches and subsidiaries
LC
R.19 - Higher-risk countries
C
R.20 - Reporting of suspicious transactions
LC
R.21 - Tipping-off and confidentiality
LC
R.22 - DNFBPs: Customer due diligence
PC
R.23 - DNFBPs: Other measures
PC
R.24 - Transparency and beneficial ownership of legal persons
LC
R.25 - Transparency and beneficial ownership of legal arrangements
PC
R.26 - Regulation and supervision of financial institutions
PC
R.27 - Powers of supervisors
LC
R.28 - Regulation and supervision of DNFBPs
PC
R.29 - Financial intelligence units
LC
R.30 - Responsibilities of law enforcement and investigative authorities
C
R.31 - Powers of law enforcement and investigative authorities
PC
R.32 - Cash couriers
PC
R.33 - Statistics
LC
R.34 - Guidance and feedback
PC
R.35- Sanctions
LC
R.36 - International instruments
PC
R.37 - Mutual legal assistance
LC
R.38 - Mutual legal assistance: freezing and confiscation
LC
R.39 - Extradition
LC
R.40 - Other forms of international cooperation
LC

C = compliant   |   LC = largely compliant     |   PC = partially compliant   |   NC = non-compliant

Effectiveness

Ratings that reflect the extent to which a country's measures are effective. The assessment is conducted on the basis of 11 immediate outcomes, which represent key goals that an effective AML/CFT system should achieve.

Ratings that reflect the extent to which a country's measures are effective. The assessment is conducted on the basis of 11 immediate outcomes, which represent key goals that an effective AML/CFT system should achieve.

Andorra Mutual Evaluation 2017

IO1
SE
IO2
SE
IO3
ME
IO4
ME
IO5
ME
IO6
SE
IO7
ME
IO8
ME
IO9
SE
IO10
ME
IO11
ME

HE = high level of effectiveness   |   SE = substantial level of effectiveness    |   ME = moderate level of effectiveness   |   LE = low level of effectiveness