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MONEYVAL publishes follow-up report on Andorra

Strasbourg 24/01/2020
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MONEYVAL publishes follow-up report on Andorra

As a result of Andorra’s progress in strengthening its framework to tackle money laundering and terrorist financing since adoption of its mutual evaluation report in September 2017, MONEYVAL has re-rated the country with three Recommendations of the Financial Action Task Force (FATF) originally rated as “partially compliant”.

Andorra was placed in an enhanced follow-up process, following the adoption of its mutual evaluation report, which assessed the effectiveness of its anti-money laundering and counter-terrorist financing (AML/CFT) measures and their compliance with the FATF Recommendations. In line with MONEYVAL’s rules of procedure, the country has reported back to MONEYVAL on the progress it has made to strengthen its AML/CFT framework.

This follow-up report analyses Andorra’s progress in addressing the technical compliance deficiencies identified in the mutual evaluation report.

To reflect this progress, MONEYVAL has re-rated Andorra on Recommendations 25 (transparency and beneficial ownership of legal arrangements), 26 (regulation and supervision of financial institutions) and 28 (regulation and supervision of DNFBPs). These Recommendations are now re-rated as “largely compliant”.

The follow-up report also looks at progress made in the implementation of new requirements relating to Recommendation 2 (national cooperation and coordination) which has changed since Andorra’s last follow-up report was adopted. The rating for Recommendation 2 (rated as “largely compliant”) remains “compliant”.

Andorra is now “compliant” on ten of the 40 FATF Recommendations and “largely compliant” on twenty-seven of them. It remains “partially compliant” on three of the 40 FATF Recommendations.

MONEYVAL decided that Andorra will remain in the enhanced follow-up process and will continue to report back to MONEYVAL on further progress to strengthen its implementation of AML/CFT measures.