Andorra
Last updated: 08/08/2008CENTRAL AUTHORITY FOR REPORTING
Unit for the Prevention of Laundering Operations (UPB).
ARE LAWYERS COVERED BY MONEY LAUNDERING LEGISLATION?
The money laundering legislation applies to lawyers when they, in the exercise of their profession, participate in enumerated commercial or financial activities, such as advising on operations involving movements of money or valuables that could be susceptible to being used for money laundering.
NAME LAWS REGARDING ANTI-MONEY LAUNDERING PROCEDURES
In December of 2000, Andorra enacted the Law on International Criminal Co-operation and the Fight against the Laundering of Money and Securities Deriving from International Delinquency Act (AML Law).
The Andorran Criminal Code, revised in 2005, devotes a chapter to money laundering.
Additional offences for money laundering are found throughout the criminal code as predicate offences to drug trafficking, hostage taking, sales of illegal arms, prostitution, and terrorism. Note that tax evasion is not a crime in Andorra.
IN ADDITION TO THESE LAWS, IS THERE ANY MONEY LAUNDERING GUIDANCE FOR LAWYERS CURRENTLY IN PLACE?
No information available.
UNDER WHAT CIRCUMSTANCES IS A LAWYER UNDER THE OBLIGATION TO REPORT?
Article 49 of AML Law contains a tipping off prohibition, and Article 50 provides an exemption so that individuals who report suspicious transactions will not be held liable for violations of any other secrecy or confidentiality statutes. According to Complinet, accountants, tax advisors, high-value goods dealers and company service providers have made no STRs. Furthermore, there is no requirement in Andorra to report suspicions of terrorist financing. [1]
LAWYER RESPONSIBILITY/LIABILITY
No information available.
CLIENTS IDENTIFICATION AND VERIFICATION
Client identification is required once the professional relationship is established before any applicable transaction can take place. Records verifying identity must be kept for a period of at least ten years from the date when the relationship ends.
LAWYERS PROSECUTED FOR MONEY LAUNDERING OFFENCES
No information available.
HAS THE FINANCIAL ACTION TASK FORCE (FATF) CONDUCTED A MUTUAL EVALUATION OF THIS COUNTRY, AND, IF SO, WHAT WERE THE FINDINGS CONCERNING LAWYERS’ COMPLIANCE WITH THE FATF 40+9 RECOMMENDATIONS?
Andorra is not a member of FATF. However, Moneyval, the Council of Europe Select Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, assessed the principality in September 2007 and found that its anti-money laundering and terrorist financing system is lacking in crucial legal provisions and has not been through a major reform since the last Moneyval evaluation in 2002. Of particular relevance to users of this site, Moneyval indicated that non-financial professions are falling through the holes in the Andorran law on money laundering, despite FATF’s request to include them. [1]
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Sources
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Helen O’Gorman, “Gaps persist in Andorran AML regime, says Moneyval”, 1 August 2008, www.complinet.com.
