A U.S. Treasury Department bureau on Friday withdrew its proposals to blacklist an Andorran banking group and two other financial institutions as money laundering conduits. The Financial Crimes Enforcement Network (FinCEN) said in statement that it was rescinding its plan to name Banca Privada d'Andorra (BPA) as a primary money laundering concern under Sec. 311 of the Patriot Act because "subsequent developments," including the bank's takeover and eventual liquidation by the Andorran government, had mitigated its threat to the U.S. financial system. In the wake of FinCEN's March 2015 proposal to bar BPA from U.S. correspondent accounts, Andorran regulators suspended...
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.
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