Andorra Approves New Associations Register Rules to Fight Money Laundering
Andorra's government has introduced reforms mandating registration of ultimate beneficial owners and institutional emails for associations. Officials say this bolsters control over non-profits to prevent illicit financing, replacing outdated 2001 regulations.
Key Points
- Council of Ministers replaces 2001 rules with new regulation enhancing transparency.
- Associations must register ultimate beneficial owners for better oversight.
- Institutional email addresses required to improve admin communications.
- Automatic entry of owner details allowed for existing associations.
The Andorran Council of Ministers approved a new regulation on Wednesday for the associations register, replacing the existing rules from 2001 to enhance transparency and combat money laundering and terrorism financing.
A key change requires associations to register details of ultimate beneficial owners—individuals who exert effective control over their ordinary activities. This will provide more complete, updated and reliable information, according to Joan Antoni León, Secretary of State for Justice and Interior, speaking at a press conference after the meeting.
The regulation also mandates registering an institutional email address to speed up communications between the administration and associations. Previously, contacting these entities had often been difficult or impossible. It further allows authorities to automatically enter details of ultimate beneficial owners for associations that have already supplied the information.
León emphasized that the measures strengthen oversight in the non-profit sector. No implementation timeline was provided.
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