Andorra, the first country in the world in the fight against Money laundering
The Basel Institute on Governance has published its 10th Public Edition of the Basel AML Index which, through a ranking of 110 countries, measures the risk of money laundering and terrorist financing in jurisdictions around the world, their vulnerability to ML/FT and their capacity to counteract it.
Risk scores are based on data from sources such as the Financial Action Task Force (FATF), Transparency International, the World Bank and the World Economic Forum. They cover 17 indicators in five domains relevant to assessing ML / TF risk at the jurisdiction level which are Quality of AML / CFT Framework; Bribery and Corruption; Financial Transparency and Standards; Public Transparency and Accountability; Legal and Political Risks.
The new AML risk trends highlighted in this report are Virtual assets, beneficial ownership, Effective AML systems and Non-financial professions.
In the 2021 Edition, Andorra is indexed for the first time and is ranked number 1 (110 position), highlighting the difficulties to launder money and ranks the country in a good level of compliance with the standards.