MONEYVAL publishes the Andorra’s second follow-up report

37 out of the 40 FATF recommendations are considered “compliant” and “largely compliant”


The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) has published the Andorra’s second follow-up report in relation to the mutual evaluation report in September 2017.

Check the MONEYVAL report

In line with MONEYVAL’s rules of procedure, the country has reported back to MONEYVAL on the progress it has made to strengthen its AML/CFT framework. This follow-up report analyses Andorra’s progress in addressing the technical compliance deficiencies identified in the mutual evaluation report.

To reflect this progress, MONEYVAL has re-rated as “largely compliant” 3 recommendations of the Financial Action Task Force (FATF) originally rated as “partially compliant”; specifically, recommendations R 25 (transparency and beneficial ownership of legal arrangements), R 26 (regulation and supervision of financial institutions) and R 28 (regulation and supervision of DNFBPs).

Additionally, the follow-up report also looks at progress made in the implementation of new requirements relating to recommendation R 2 (national cooperation and coordination) which has changed since Andorra’s last follow-up report was adopted. The rating for recommendation R 2 remains “compliant”.

Andorra is now “compliant” on 10 out of the 40 FATF recommendations and “largely compliant” on 27 of them. It remains “partially compliant” on 3 out of the 40 FATF recommendations.

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Source: Andorran Financial Authority