The Committee of Experts of the Council of Europe that assesses measures against money laundering and terrorist financing (MONEYVAL) has initiated the mutual evaluation process of the Principality of Andorra in the framework of the sixth round.
This process aims to analyze the level of compliance with international standards in the field of anti-money laundering and counter-terrorist financing (AML/CFT), as well as the effectiveness of the national system in their implementation.
The start of this process marks a new stage in the evaluation of the Andorran system, which will undergo a comprehensive analysis based on the information provided by the authorities and an on-site visit by the assessment team, in accordance with the established international methodology.
In this regard, a training session was held on April 22 and 23, with the participation of more than 110 people from both the private sector and representatives of Andorran authorities, including the Andorran Financial Authority, which, as the supervisory authority of the Andorran financial system, will actively participate in this exercise in coordination with the other competent national authorities, and which will be led by the Financial Intelligence Unit of Andorra.
The training aims to familiarize all national stakeholders involved in the evaluation with the standards and methodology of the Financial Action Task Force (FATF), and to provide information on the approach that will be followed in the MONEYVAL evaluation.