Financial Intelligence Department of Andorra: after a new law “On Investments” was adopted in 2012, 26 out of 802 of analyzed requests were put to “black” list


The Financial Intelligence Department (FID) of Andorra (Pyrenees) has published a report on the results of its activity in 2013. Particularly, the FID notes 141% growth of the amount of requests—from 305 in 2012 up to 802 in 2013. In accordance to the preliminary data of 2014, this index may increase twice. This is, first of all, related to the abrupt increase of foreign investments volumes after the adoption of the law “On Investments”, in accordance to which Andorra allows to launch the companies with 100% foreign participation. At that, the registration of the company costs 7000 euro and gives the chance for further obtaining of residence and working permission for the wholly family.

The FID is called to prevent money laundering and terrorism back up. In accordance to the words of Carlos Finan, the Director of the Department, among 802 of the projects, analyzed by FID, 26 appeared to be on the “black” list. 13 out of them were initiated by the citizens of Spain. The citizens of Belgium, Argentina and USA made up the rest of “doubtful” countries. “We talk about suspicious operations that were prevented by our efforts”, said Carlos Finan.

The investigation of FID is the obligatory procedure that is implemented prior to the registration of business in Andorra. The report of FID is sent to the Ministry for Finances of Andorra, that is eligible to take a decision.

Alongside with that the representatives of FID emphasize the necessity to develop the cooperation on information of tax exchange in particular with the National Institution for Finances of Andorra (INAF), the Government of Andorra and with the representatives of court system and police. The FID report also mentions the practicability of international cooperation expansion within the bounds of investigations.

See also Living in Andorra

See also Andorra business guide

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