Andorra
Regulatory framework
Introduction
The Pyrenean country consolidates its main regulation on money laundering prevention and terrorist financing in the Law 14/2017, of June 22, on prevention and fight against money or value laundering and terrorist financing, as well as in the Regulation for the application of this law.
Financial Intelligence Unit
The competent Financial Intelligence Unit is the Unitat de Prevenció del Blanqueig since its approval in 2009 of the Law of International Penal Cooperation and fight against money laundering or values resulting from international crime. Over the years and several regulatory changes later, it was renamed UIFAND — Andorra's Financial Intelligence Unit —.
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Obligated subjects
The legal system of Andorra in terms of preventing money laundering and terrorist financing establishes certain people and entities as obliged subjects depending on the economic activity they carry out.
Among these subjects are credit institutions and banks, insurance companies, cryptocurrency trading portals, casinos and other gambling service providers, as well as lawyers and tax advisors.
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> PEPs
Introduction
The regulatory framework for politically exposed persons in Andorra is provided by prevention laws, specifically the Law 14/2017, of June 22, on the prevention and fight against money laundering and the financing of terrorism, as well as its Implementing Regulation.
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Definition of PEP
The Andorran regulations define a politically exposed person as holding the following positions:
- Heads of State, Heads of Government, Ministers, Undersecretaries or State Secretaries.
- General Councillors or members of other foreign, international or supranational national parliamentary assemblies.
- Major and minor Consuls, finance and urban planning councillors, and equivalent positions in other States.
- Members of the executive bodies of political parties.
- Magistrates of the High Court of Justice, supreme courts, constitutional courts or other high instances.
- Members of the Courts of Auditors, foreign audit courts, and members of the councils of central banks or similar.
- Ambassadors, business managers and high-ranking military personnel.
- Members of the administrative, management or supervisory bodies of public entities.
- Directors, Deputy Directors and members of the board of international organisations.
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Duration of PEPs
When politically exposed persons have ceased to perform their duties, the obligated subjects will continue to apply the measures foreseen for this type of clients for a minimum period of one year.
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Included lists
PEPs
- Web oficial del Consell Principal del Principat d'Andorra
- Web oficial del Consell Principal de Justícia del Principat d'Andorra
- Web oficial d'Afers Exteriors d'Andorra
- Web oficial de l'Autoritat Financera Andorrana
- Web oficial Andorra
- Web oficial Tribunal Constitucional
- Web oficial del Govern
- Web del Partit Demòcrata
- Web Partit Social Democràta
- Web Partit Liberal
- Web del Comú Canillo
- Web del Comú Encamp
- Web del Comú d'Ordino
- Web del Comú La Massana
- Web del Comú de Sant Julià de Lòria
- Web del Comú d'Escaldes-Engordany
- Web oficial del Tribunal de Comptes d'Andorra
- Web de Sant Julià de Lòria