Ex-BPA Executives Claim US FinCEN Notice on Andorra Bank Was Manipulated in Odebrecht Trial

Former executives of Andorra's Banca Privada d’Andorra (BPA) testified as witnesses in Panama's ongoing Odebrecht corruption trial, revealing potential manipulation behind a US Treasury-linked financial notice that targeted the bank.

The testimony came on the 14th day of the trial before Panamanian courts, focusing on alleged bribes paid by the Brazilian construction giant Odebrecht to local politicians and officials. Statements were given remotely from Panama's embassy in Madrid, arranged by Panamanian judicial authorities.

Santiago de Rosselló, BPA's former number two in private banking, and other ex-executives addressed questions from prosecutor Ruth Morcillo and lawyers for both sides. They clarified that BPA Serveis, the bank's Panamanian subsidiary, handled non-banking services like passive residencies and company acquisitions for clients. All financial activities were overseen by BPA's central compliance teams, with full checks performed. De Rosselló stressed no money laundering occurred.

Odebrecht itself was never a BPA client, neither at the parent bank nor its subsidiary. Funds from linked entities were held separately and not on Odebrecht's balance sheet.

Prosecutors sought details on a FinCEN "notice"—an advisory from the US Financial Crimes Enforcement Network—that contributed to BPA's intervention. De Rosselló described it as stemming from "manipulation" involving biased or false information. He pointed to converging interests: Spanish authorities seeking Pujol family account data amid Catalan independence tensions, and Andorran lapses in responding to US queries on cash handling and financial practices.

The notice cited four cases to justify scrutiny: unresolved Sinaloa links; the PDVSA case involving Venezuelan clients, where Andorran authorities had already lifted account freezes; a supposed Chinese mafia in Spain that never used dollars; and the Petrov case, with Russian interests on the Catalan coast, where suspects had avoided US currency since 2007.

Attendees in the Panama courtroom were stunned by these inconsistencies, which De Rosselló said showed the US had been misled. BPA had warned Andorra's financial sector as early as 2014 about compliance shortcomings, including vague Foreign Ministry replies to American concerns.

The revelations left prosecutors and defenders reassessing BPA's role in the Odebrecht probe.