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Andorra – Moneyval follow up report September 2015.
29/10/2015

Under the Moneyval procedures Andorra has been submitting regular follow up reports with a view to the follow-up process being complete during 2016.

Moneyval on reviewing theMarch 2015 follow-up report submitted by Andorra, noted that while significant progress has been made to meet international standards, further work was required by Andorra to remedy deficiencies that had been highlighted in the FATF report. It was decided that to ensure the follow-up process is completed as planned in 2016, an enhanced follow up process would be adopted on selected areas relating to the criminalization of money laundering and the system of oversight of financial institutions.

The main conclusions and recommendations have now been published by Moneyval following the completion of this process. The report notes that on the Core Recommendations, Andorra has taken many steps to enhance compliance, including adopting and implementing new legislation and enhancing the capacity of the judiciary. As a result of these and other measures the jurisdiction was assessed as largely compliant.

On the Key Recommendations, Moneyval found that the large majority of technical issues have been addressed by the Andorran authorities. Andorra has taken proactive initiatives to increase the supervision exercised over financial institutions and, as part of these initiatives, inspections of financial institutions have increased over the period. Moneyval concluded that all of these steps, have strengthened the preventative measures in the financial sector. In consequence, Andorra was assessed as largely compliant.

Overall the report concluded that Andorra has taken positive steps to address not only the report’s highlighted deficiencies but also addressed other related non-core and non-key recommendations made in the report. As a result, Andorra was assessed as having achieved satisfactory progress and while some deficiencies remain, there are a number of additional measures in train or are planned to enhance and strengthen the system to plug the few gaps that remain.