The Council of Europe’s anti-money laundering and counter terrorist financing body MONEYVAL has welcomed the reforms recently undertaken by the Andorran authorities to address the risks identified, but has called for a number of improvements.
In a report published today, MONEYVAL says that the Andorran authorities have acquired a reasonably comprehensive understanding of the money laundering and terrorism financing risks faced by the country. It however calls for a clear political oversight to be put in place in order to monitor the implementation of the action plans adopted to mitigate those risks. (see also the summary of the report).
MONEYVAL underlines that it is evident that there has been the political commitment in Andorra to make sweeping changes to legislation concerning both money laundering and the financing of terrorism.
Whilst the authorities systematically use financial intelligence provided by the Unitat d'Intelligència Financera d'Andorra in developing investigations of money laundering cases, the ratio between investigations and prosecutions, and subsequent convictions obtained appears to be modest.
