The Mutual Evaluation Report of the Fifth Cycle of Andorra was adopted at the 54th Plenary Assembly of Moneyval, which took place from September 26 to 28 at the Council of Europe in Strasbourg.
The Principality, represented by Romain Bugnicourt of SICCFIN (Financial Circuits Information and Control Department), Monaco’s financial compliance chief, was part of the evaluation team, alongside representatives of France, Romania and the Isle of Man.
Moneyval, a regional body of the Financial Action Task Force (FATF), assesses its member countries’ compliance with international anti-money laundering and counter-terrorist financing according to AML/CFT standards.
For the fifth cycle, the evaluation focuses on the effectiveness of each country’s system.
The Andorra assessment involved a technical analysis of regulations, followed by a fifteen-day on-site visit where all the public and private players of the AML/CFT system were met – banks, law firms and lawyers, management companies, supervisors, prosecutors, judges, police officers, and others – and several meetings were held in Strasbourg.