Prevention of money laundering and terrorism financing

Prevention of money laundering and terrorist financing

Prevention of money laundering and terrorism financing

Ratification of the Monetary Agreement between the Principality of Andorra and the European Union which the Principality of Andorra has committed to incorporate into its legal system.

5th Moneyval evaluation

Moneyval is the committee of experts of the Council of Europe that evaluates the measures against money laundering and terrorism financing implemented by jurisdictions.

Beneficial Ownership Regulation

Law 14/2017 of 22 June 2017 on preventing and combating money or securities laundering and the financing of terrorism provides for the obligation of companies, associations and foundations incorporated or registered in Andorra to obtain information on beneficial owners and to keep it accurate and up to date. This obligation has been developed by the Regulation regulating the recording of and access to information on beneficial ownership in the registers of legal entities, approved on 5 September 2018 by the Government of Andorra.

Classification of tax crimes

In keeping with its commitment to adopt international standards and recommendations, Andorra has modified its legal system by amending the Criminal Code to include the classification of tax crimes.

Register of financial and similar accounts

Payment institutions and electronic money institutions operating in the Principality of Andorra must declare the identification data of the holders or beneficial owners of payment accounts, of bank accounts identified with an IBAN number and of contracts for the loan of safe deposit boxes.