Andorra Approves Bills to Update Anti-Money Laundering and Market Abuse Laws
Andorra's executive has greenlit legislative updates incorporating EU rules on anti-money laundering, terrorism financing prevention, and market abuse. The bills, soon headed to parliament, target virtual assets and enhance financial transparency amid digital growth.
Key Points
- Finance Minister Ramon Lladós led approval of two bills on Wednesday.
- First bill amends money laundering law to cover virtual assets per EU Regulation 2023/1113.
- Second bill updates market abuse prevention and financial entity operations.
- Reforms fulfill EU monetary agreement and boost sector competitiveness.
The Andorran government has approved two bills to strengthen financial regulations and align them with the latest European standards on preventing money laundering, terrorism financing, and market abuse.
Finance Minister Ramon Lladós led the executive's approval of the proposals on Wednesday. They are now ready for submission to the Consell General, fulfilling commitments under Andorra's monetary agreement with the EU.
One bill amends the Law on the Prevention and Fight against Money Laundering or Securities and Terrorism Financing. It incorporates provisions from EU Regulation 2023/1113, extending fund transfer obligations to virtual assets. The changes improve operation traceability and impose new duties on virtual asset service providers to aid detection and investigation of illicit activities amid growing economic digitalisation.
The second bill revises the Law on the Organisation and Operation of Financial System Entities and Market Abuse. It updates market abuse prevention measures, refines inside information handling, and streamlines certain administrative requirements for financial entities while upholding transparency and investor safeguards.
The reforms aim to bolster the resilience and competitiveness of Andorra's financial sector through greater EU regulatory convergence.
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