ANDORRA: AML/CFT ASSESSMENT ENHANCED FOLLOW-UP REPORT

On 28 January, FATF published the 3rd enhanced follow-up report compiled by FATF-style regional body MONEYVAL.  It sets out the progress that Andorra has made in improving its level of compliance with the FATF standards, since the 2017 mutual evaluation and subsequent follow-up reports. The report also looks at the country’s implementation of new international requirements for VASP established in the revised FATF Recommendation 15.  As a result, Recommendation 8 has been re-rated from partially compliant to largely compliant and Recommendation 15 has been re-rated from compliant to partially compliant.  Andorra is now “compliant” with 9 of the 40 FATF Recommendations, “largely compliant” with 28 Recommendations and “partially compliant” with 3 Recommendations. The country has no “non-compliant” ratings.  Andorra will remain in enhanced follow-up and will continue to report back to MONEYVAL on progress to strengthen its implementation of AML/CFT measures. Andorra is expected to report back in 1 years time.

https://www.fatf-gafi.org/media/fatf/documents/reports/fur/MONEYVAL-FUR-Andorra-Dec-2021.pdf

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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