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Andorra’s BPA Serves as Conduit for Money Laundering Networks, FinCEN Warns

By Colby Adams

An Andorran banking group is knowingly aiding third-party money launderers tied to organized crime groups in Russia and China and drug traffickers in Mexico, the U.S. Treasury Department said Tuesday. High-level managers of Banca Privada d'Andorra (BPA) opened accounts cited in falsified invoice records and helped establish front companies and foundations used to move suspicious funds, according to the department's Financial Crimes Enforcement Network, or FinCEN. BPA bankers separately accepted bribes to process bulk cash transfers linked to human trafficking and other crimes, the bureau said. In a notice of proposed rulemaking, FinCEN said it intended to deem BPA a...

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