Andorra’s Council of Ministers, on a proposal from the Minister of Finance, approved an amendment to the regulation implementing the law on the prevention of money laundering and terrorist financing to add a new article enabling exemptions from external audits for financial obliged entities in defined cases. Under the change, financial obliged entities may request an exemption from contracting and submitting the annual external audit on AML/CFT, applying Article 40.7 of the law. Eligibility conditions will be set out in a technical communication to be published by the Andorran Financial Intelligence Unit (UIFAND), which will also specify the application procedure and deadlines. Exemptions may be granted for the year requested and, as a general rule, for up to three consecutive years, although this maximum may be adjusted in certain cases based on assessed risk factors.
Ministry of Finance (Andorra) 2025-02-19
Andorra's Ministry of Finance changes AML CFT rules to allow certain financial obliged entities to be exempted from annual external audits
Andorra's Council of Ministers approved an amendment to the regulation on money laundering and terrorist financing, allowing financial obliged entities to request exemptions from annual external audits under certain conditions. Eligibility and application procedures will be detailed by the Andorran Financial Intelligence Unit. Exemptions may be granted for up to three consecutive years, subject to risk assessment.