Andorra Approves Foundation Registry Reforms to Boost Transparency and Fight Money Laundering
The reforms mandate registration of ultimate beneficial owners, official emails, notarised patron deeds, and stricter timelines to modernise operations and combat financial crimes effectively.
Key Points
- Council of Ministers approves updates to Foundations Registry and Protectorate Regulations.
- Foundations must register ultimate beneficial owners and provide official email addresses.
- Notarised deeds required for patron appointments; enhanced supervisory powers for registry head.
- Shorter deadlines and verification measures to improve efficiency and prevent illicit finance.
Andorra's Council of Ministers approved updates on Wednesday to the Foundations Registry and Protectorate Regulations, aimed at increasing transparency, oversight, and efficiency while tackling money laundering and terrorism financing.
Justice and Interior Minister Ester Molné proposed the changes, which mandate foundations to register details of their ultimate beneficial owners. This step will deliver more comprehensive and current data on these entities and bolster preventive measures against illicit financial activities.
Foundations will also need to supply an official email address to improve communication with the registry and support smoother administration.
Notarised deeds will now be required for appointing patrons and their acceptance of the role. Protectorate reports must bear signatures from both the president and secretary of the collegiate body.
The registry head gains broader supervisory authority to track foundations across their full legal lifecycle.
Procedural timelines now match those of other national registries, and foundations face shorter deadlines for submitting documents to keep records up to date and enhance legal security.
The registry can independently verify ultimate beneficial owners for foundations that previously provided such details.
The reforms modernise foundation operations to meet contemporary demands, with the new rules set to take effect shortly.
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