Andorra's progress in strengthening measures to tackle money laundering and terrorist financing

Publication details

Language

English

Country

Andorra

Moneyval 2nd Follow-Up Report Andorra-2019

Filename
Moneyval-Follow-Up Report Andorra-2019.pdf
Size
890 KB
Format
application/pdf
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Andorra has made progress to address the technical compliance deficiencies identified in the MER. As a result, Andorra has been re-rated on Recommendations 25, 26 and 28.

  • Recommendation 25 (Originally rated PC – re-rated as LC)
  • Recommendation 26 (Originally rated PC – re-rated as LC)
  • Recommendation 28 (Originally rated PC – re-rated as LC)

Andorra will remain in enhanced follow-up and will continue to report back to MONEYVAL on progress to strengthen its implementation of AML/CFT measures. Andorra is expected to report back at the first Plenary meeting of 2021.

MONEYVAL Mutual Evaluation Report of Andorra - 2017

MONEYVAL 1st Follow-Up Report on Andorra, 2018

Technical Compliance

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

Andorra Follow-Up Report 2019

R.1 - Assessing risk & applying risk-based approach
LC
R.2 - National cooperation and coordination
C
R.3 - Money laundering offence
LC
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
C
R.12 - Politically exposed persons
LC
R.13 - Correspondent banking
LC
R.14 - Money or value transfer services
LC
R.15 - New technologies
C
R.16 - Wire transfers
LC
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
C
R.21 - Tipping-off and confidentiality
C
R.22 - DNFBPs: Customer due diligence
LC
R.23 - DNFBPs: Other measures
LC
R.24 - Transparency and beneficial ownership of legal persons
LC
R.25 - Transparency and beneficial ownership of legal arrangements
LC
R.26 - Regulation and supervision of financial institutions
LC
R.27 - Powers of supervisors
LC
R.28 - Regulation and supervision of DNFBPs
LC
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
C
R.33 - Statistics
LC
R.34 - Guidance and feedback
LC
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

Earlier report

  • 21 Feb 2019

    Andorra's progress in strengthening measures to tackle money laundering and terrorist financing This follow-up report analyses Andorra's progress in addressing certain technical compliance deficiencies identified in its MER.

  • 29 Nov 2017

    Andorra's measures to combat money laundering and the financing of terrorism and proliferation The fifth round mutual evaluation report on Andorra was adopted by the MONEYVAL Committee at its 54th Plenary Session (Strasbourg, 28 September 2017 ). The report provides a summary of the anti-money laundering (AML) and countering the financing of terrorism (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.

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