When Andorra’s Banca Privada d’Andorra (BPA) made the headlines for the wrong reasons in 2015, the country – and its banking sector in particular – felt the repercussions. But two years have passed and not only has the BPA case been resolved, but Andorra has also signed major international tax information exchange agreements, and continues to implement EU banking regulations, all of which have been viewed favourably by market-watchers.
Two years ago, the US authorities accused BPA of money laundering. In a note published in March 2015, the US Financial Crimes Enforcement Network deemed the bank a foreign financial institution of “primary money laundering concern”, and alleged BPA was laundering money for organised crime in Russia and China, and for corrupt officials in Venezuela.
