National institute of finance of Andorra (INAF) dismissed Board of directors of Banca Privada d’Andorra (BPA)

Banca Privada d'AndorraActing as the head of the Government of AndorraAntoni Martí Petit, after a meeting with the president of European Commission Jean-Claude Juncker in Brussels declared that the National institute of finance of Andorra (INAF) made the decision on dismissal of Board of directors of Banca Privada d’Andorra (BPA) bank (as a part of Higini Cierco, Ramon Cierco, Ricard Climent, Bonaventura Riberaygua, Joan Pau Miquel, Frederic Borràs i Rosa Castellón and three senior managers of bank).

Earlier INAF appointed two external managing directors in one of five banks of Andorra – Banca Privada d’Andorra (BPA) for carrying out internal investigation in response to official charge from the U.S. Treasury Department of money laundering received by BPA from criminal groups. The American authorities published the draft of the resolution which has to be executed in 60-day time.

In the statement of Antoni Martí emphasized, that “current situation — is not a problem of the financial system of the country, but a question of limited liability of concrete bank”. He emphasized that it shouldn’t affect in general a financial system of the country which has high rates of liquidity and solvency now.

Antoni Martí noted also that Andorra (Pyrenees) in questions of investigation will cooperate fully with the American law enforcement agencies. He also expressed a desire to resolve all issues in 60 days, according to the instruction of the Ministry of Finance of the USA.

Also Spanish treasury which appointed investigation in Banco Madrid (the shareholder of Banca Privada d’Andorra) was connected to investigation.

Meanwhile representatives of Visa Europe note that some clients of Banca Privada d’Andorra bank had difficulties with service of credit cards outside Andorra.

Earlier today S&P rating agency in connection with a situation with Banca Privada d’Andorra (BPA) bank lowered the Principality rating to BBB.

See also Andorra business guide

See also Andorra company formation

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