|
| ANDORRA |
Sanctions:
None applicable
____________________________________________________
Offshore Jurisdiction Blacklists:
As a recognised offshore finance jurisdiction this country may fall
under various country offshore jurisdiction blacklists.
____________________________________________________
US State Department Money Laundering Report - 2011
Andorra has a well developed financial infrastructure. In 2009, the
Organization for Economic Co-operation and Development
designated and subsequently delisted Andorra as a tax haven
due to its low or nonexistent taxes, and maintains that Andorra still
needs to make its banking system more transparent.
DO FINANCIAL INSTITUTIONS ENGAGE IN CURRENCY
TRANSACTIONS RELATED TO INTERNATIONAL NARCOTICS
TRAFFICKING THAT INCLUDE SIGNIFICANT AMOUNTS OF US
CURRENCY; CURRENCY DERIVED FROM ILLEGAL SALES IN
THE U.S.; OR THAT OTHERWISE SIGNIFICANTLY AFFECT THE
U.S.: NO
CRIMINALIZATION OF MONEY LAUNDERING:
“All serious crimes” approach or “list” approach to predicate
crimes: List approach
Legal persons covered: criminally: YES civilly: YES
CRIMINALIZATION OF TERRORIST FINANCING:
Ability to freeze terrorist assets without delay: YES
UN lists of designated terrorists or terrorist entities distributed to
financial institutions: YES
KNOW-YOUR-CUSTOMER RULES:
Covered entities: Banks and non-bank credit institutions; fund and
asset management firms; money exchanges and remitters; life
insurance companies; financial intermediaries and advisors; trust
and company service providers; dealers in precious metals and
stones and high-value goods; bingo establishments; real estate
agents; lawyers, accountants, notaries and auditors
Enhanced due diligence procedures for PEPs: Foreign: YES
Domestic: YES
SUSPICIOUS TRANSACTION REPORTING REQUIREMENTS:
Covered entities: Banks and non-bank credit institutions; fund and
asset management firms; money exchanges and remitters; life
insurance companies; financial intermediaries and advisors; trust
and company service providers; dealers in precious metals and
stones and high-value goods; bingo establishments; real estate
agents; lawyers, accountants, notaries and auditors
Number of STRs received and time frame: 84 in 2010
Number of CTRs received and time frame: Not applicable
MONEY LAUNDERING CRIMINAL
PROSECUTIONS/CONVICTIONS:
Prosecutions: 12 in 2010
Convictions: Six in 2010
Assets forfeited: criminally: $40,340,983 in 2010 civilly: Not
available
RECORDS EXCHANGE MECHANISM:
With U.S.: YES
With other governments/jurisdictions: YES
Andorra is a member of MONEYVAL, a Financial Action Task
Force (FATF)-style regional body. Its most recent mutual
evaluation can be found here: http://www.coe.
int/t/dghl/monitoring/moneyval/Countries/Andorra_en.asp
ENFORCEMENT AND IMPLEMENTATION ISSUES AND
COMMENTS:
Andorra’s legal and financial systems are increasingly
transparent. The INAF (Institut Nacional Andorrà de Finances) is
an independent monitoring body, responsible for overseeing and
supervising the financial system, management of public debt,
carrying out field inspections, and taking disciplinary action.
Andorra should continue to improve its anti-money laundering and
counter-terrorist financing countermeasures. The Government of
Andorra should become a party to the UN Conventions against
Corruption and Transnational Organized Crime.
____________________________________________________
US State Dept Narcotics Report 2011 (introduction):
N/a
US State Dept Trafficking in Persons Report 2011
(introduction):
N/a
US State Dept Terrorism Report 2009
No report available
____________________________________________________
AML News/Updates
February 25 2010 - Andorra uplifted to OECD white list re
implementation of International Tax Standard
View list.........
Links:
Worldwide AML Legislation (International Bar Association)
None applicable
____________________________________________________
Offshore Jurisdiction Blacklists:
As a recognised offshore finance jurisdiction this country may fall
under various country offshore jurisdiction blacklists.
____________________________________________________
US State Department Money Laundering Report - 2011
Andorra has a well developed financial infrastructure. In 2009, the
Organization for Economic Co-operation and Development
designated and subsequently delisted Andorra as a tax haven
due to its low or nonexistent taxes, and maintains that Andorra still
needs to make its banking system more transparent.
DO FINANCIAL INSTITUTIONS ENGAGE IN CURRENCY
TRANSACTIONS RELATED TO INTERNATIONAL NARCOTICS
TRAFFICKING THAT INCLUDE SIGNIFICANT AMOUNTS OF US
CURRENCY; CURRENCY DERIVED FROM ILLEGAL SALES IN
THE U.S.; OR THAT OTHERWISE SIGNIFICANTLY AFFECT THE
U.S.: NO
CRIMINALIZATION OF MONEY LAUNDERING:
“All serious crimes” approach or “list” approach to predicate
crimes: List approach
Legal persons covered: criminally: YES civilly: YES
CRIMINALIZATION OF TERRORIST FINANCING:
Ability to freeze terrorist assets without delay: YES
UN lists of designated terrorists or terrorist entities distributed to
financial institutions: YES
KNOW-YOUR-CUSTOMER RULES:
Covered entities: Banks and non-bank credit institutions; fund and
asset management firms; money exchanges and remitters; life
insurance companies; financial intermediaries and advisors; trust
and company service providers; dealers in precious metals and
stones and high-value goods; bingo establishments; real estate
agents; lawyers, accountants, notaries and auditors
Enhanced due diligence procedures for PEPs: Foreign: YES
Domestic: YES
SUSPICIOUS TRANSACTION REPORTING REQUIREMENTS:
Covered entities: Banks and non-bank credit institutions; fund and
asset management firms; money exchanges and remitters; life
insurance companies; financial intermediaries and advisors; trust
and company service providers; dealers in precious metals and
stones and high-value goods; bingo establishments; real estate
agents; lawyers, accountants, notaries and auditors
Number of STRs received and time frame: 84 in 2010
Number of CTRs received and time frame: Not applicable
MONEY LAUNDERING CRIMINAL
PROSECUTIONS/CONVICTIONS:
Prosecutions: 12 in 2010
Convictions: Six in 2010
Assets forfeited: criminally: $40,340,983 in 2010 civilly: Not
available
RECORDS EXCHANGE MECHANISM:
With U.S.: YES
With other governments/jurisdictions: YES
Andorra is a member of MONEYVAL, a Financial Action Task
Force (FATF)-style regional body. Its most recent mutual
evaluation can be found here: http://www.coe.
int/t/dghl/monitoring/moneyval/Countries/Andorra_en.asp
ENFORCEMENT AND IMPLEMENTATION ISSUES AND
COMMENTS:
Andorra’s legal and financial systems are increasingly
transparent. The INAF (Institut Nacional Andorrà de Finances) is
an independent monitoring body, responsible for overseeing and
supervising the financial system, management of public debt,
carrying out field inspections, and taking disciplinary action.
Andorra should continue to improve its anti-money laundering and
counter-terrorist financing countermeasures. The Government of
Andorra should become a party to the UN Conventions against
Corruption and Transnational Organized Crime.
____________________________________________________
US State Dept Narcotics Report 2011 (introduction):
N/a
US State Dept Trafficking in Persons Report 2011
(introduction):
N/a
US State Dept Terrorism Report 2009
No report available
____________________________________________________
AML News/Updates
February 25 2010 - Andorra uplifted to OECD white list re
implementation of International Tax Standard
View list.........
Links:
Worldwide AML Legislation (International Bar Association)
|
|
|
| Further Tables |
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
*Please note that FATF deems that a country has significant aml deficiencies if any
of the 'Core' Recommendations, R1, R5, R10, R13, SRII, or SRIV are rated either
Partially of Non-Compliant. These are marked in red.
For FATF to remove a country from the regular follow-up process, it has to be rated
Compliant or Largely Compliant in the above mentioned Core Recommendations
and the following Key Recommendations: -
R3, R4, R23, R26, R35, R36, R40, SRI, SRIII, SRV
Please also note that any risk assessment should take into consideration all
follow-up reports.
of the 'Core' Recommendations, R1, R5, R10, R13, SRII, or SRIV are rated either
Partially of Non-Compliant. These are marked in red.
For FATF to remove a country from the regular follow-up process, it has to be rated
Compliant or Largely Compliant in the above mentioned Core Recommendations
and the following Key Recommendations: -
R3, R4, R23, R26, R35, R36, R40, SRI, SRIII, SRV
Please also note that any risk assessment should take into consideration all
follow-up reports.
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| KnowYourCountry |
|
|
| Last Updated: 16 April 2012 |