US Probes Whether FinCEN Was Misled in 2015 Shutdown of Andorran Bank BPA
New ambassador pledges review with Spain and Andorra amid questions over Spanish intelligence's role and lack of US dollar involvement, following BPA's asset freeze and later notice withdrawal.
Key Points
- US investigates if FinCEN was misled by Spanish intelligence in 2015 BPA bank shutdown
- FinCEN issued notice freezing BPA assets but withdrew it a year later without sanctions
- New US ambassador pledges review with Spain and Andorra for fairness and transparency
- BPA closure sparked Andorra's major banking scandal, leading to stricter regulations
The United States is investigating whether its FinCEN unit was misled or manipulated in its 2015 action against Banca Privada d'Andorra (BPA), prompting the bank's shutdown.
New US Ambassador to Spain and Andorra, Benjamin Leon Jr., informed the Senate during his October 2025 confirmation process that he would work with the Treasury Department, Andorran and Spanish governments to ensure FinCEN actions align with standards of fairness, transparency, and due process under 31 USC 5318(a). Leon, who described himself as familiar with FinCEN's 2015 measures under the US Patriot Act related to BPA, noted the case might appear minor but raised concerns about potential misuse of the anti-money laundering tool for political or personal ends.
The review follows questions from Senator Bill Hagerty, a close Trump ally, in written "Questions for the Record." It focuses on whether Spanish intelligence and SEPBLAC provided unreliable information in March 2015, leading FinCEN to issue a notice that froze BPA assets and accelerated its liquidation. Notably, FinCEN withdrew the notice a year later without sanctions, and Spain closed all related criminal and administrative cases, archiving collateral matters.
US authorities have highlighted that the alleged operations cited in the notice did not involve US dollars, questioning its jurisdictional basis. While some reports suggest possible deception by Spain's "patriotic police," others note potential Andorran maneuvers that may have facilitated the process. No firm conclusions exist, but officials aim to verify the original intelligence and prevent future procedural lapses.
The BPA closure ignited Andorra's first major banking scandal, causing a financial and political crisis that prompted stricter local regulations and greater scrutiny of the sector's transparency.
Former Spanish police commissioner José Manuel Villarejo's recent testimony in Andorra's BPA proceedings has heightened focus, given his ties to espionage cases. Andorran officials expect the bilateral probe to clarify facts through cooperation, while broader US-Spain-Andorra tensions persist over the use of international financial mechanisms.
Original Sources
This article was aggregated from the following Catalan-language sources: