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Andorra offshore banking

 

Andorra, officially the Principality of Andorra (Catalan: Principat d'Andorra), also called the Principality of the Valleys of Andorra, (Catalan: Principat de les Valls d'Andorra), is a small country in southwestern Europe, located in the eastern Pyrenees mountains and bordered by Spain and France. It is the sixth smallest nation in Europe having an area of 468 km2 (181 sq mi) and an estimated population of 83,888 in 2009. Its capital, Andorra la Vella, is the highest capital city in Europe, being at an elevation of 1023 metres. The official language is Catalan, although Spanish, French, and Portuguese are also commonly spoken.

The Principality was formed in 1278. The role of monarch is exercised jointly by the two co-princes, the President of the French Republic and the Bishop of Urgell, Catalonia, Spain.

Andorra is a prosperous country mainly because of its tourism industry, which services an estimated 10.2 million visitors annually, and also because of its status as a tax haven. It is not a member of the European Union, but the euro is the de facto currency. The people of Andorra have the 2nd highest human life expectancy in the world — 82 years at birth.


 

 List of Banks in Andorra

At present the composition of the Andorran financial system is fixed by the Law 14/2010, of May 13, of the juridical regime of the banking institutions and of the basic administrative regime of the bodies operating in the financial system [banks, non-banking company with specialized loans, financial companies managing collective investment schemes and financial investment companies (societies investment firms; agencies investment firms; portfolio management firms and Advisory firms.)].
On July 2010, the sector included 20 bodies all supervised by INAF:
6 banks (5 bank groups) (See below )

 

Andorra Banc Agrícol Reig, SA (Andbanc)

Banc Internacional d'Andorra, SA

Banca Mora, SA

Banca Privada d'Andorra, SA

Crèdit Andorrà, SA

BancSabadell d'Andorra, SA


8 financial companies managing collective investment schemes, 3 of which are independent (1 not active)
4 financial investment companies
1 non-banking company with specialized loans
The sector consists of two professional associations:
l’Associació de Bancs Andorrans (ABA)
l’Associació d’entitats financeres d’inversió (ADEFI)

The first bank to be set up in the Principality of Andorra was Banc Agr í col i Comercial founded in 1930. Later on, the economic development of Andorra from the 1950s onward favored the setting up of new credit bodies in the Principality.

Until 1993 Andorra had a self-regulating banking system which followed the directives issued by the Associació de bancs Andorrans (ABA). Founded on 11 November 1960 , ABA came into being with the mission to self-regulate the banking sector, represent the interests of all its members and at the same time to be a guarantee of good banking practice and the corporate image of the Andorran financial center.

The seven banks operating in Andorra in 1990 signed an agreement to self-regulate the banking sector, to represent the insterest by the Conventions of Vienna and Strasbourg for the prevention of money laundering and the recommendations of the Council of Europe of 7 June 1980 , the B â le Declaration of Principles of December 1988 and the 40 recommendations of GAFI. The main points in the agreement were:

Application of the criteria of the B â le Committee G-10 with regard to making capital adequate;
Having the financial statements of Andorran banks audited by independent auditors on the basis of international accounting standards;
Exclusion of money laundering activities;
Maintenance of bank secret and a requirement for bank officers to be fair and competent persons.
With the adoption of the Andorran Constitution in 1993 the process of development the legislative framework for the financial sector began.

All these factors accelerated technical surveys and political thinking with regard to the ordering of the financial system and on 27 November 1993 the basic law for the financial system, the Law ordering the financial system (LOSF) was passed.

LOSF, partially amended since it was first enacted, sets the basic norms for the working of the financial system, defined the basic requirements demanded of bodies integrated in the financial system and provides for the complementary regulations regarding company capital, the setting up of a deposit of compulsory reserves, the application of compulsory coefficients (compulsory investments), compliance with certain solvency and liquidity ratings, the duty to audit the accounts and to fight against the laundering of money coming from drug trafficking.
Once this framework was set up, other laws have been enacted which form the current legal framework for the Andorran financial system.

With regard to financial investment bodies, they also have an association (the Association of financial investment bodies – ADEFI) which was set up on 5 May 1999 .


Is there a system guaranteeing deposits and investments in the Principality?
At present no guarantee system has been set up in the Principality.

Source:http://www.inaf.ad

 

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