Phase 2 Peer Review Report Summary: Andorra


The Phase 2 review rates Andorra as overall partially compliant with the international standard. The legal framework in Andorra ensures the availability of ownership information and this is reinforced by a system of sanctions introduced in 2014. In view of the recently introduced sanctions, the effectiveness in practice could not be evaluated. The report also notes that there was no system of oversight during the review period to ensure the fulfilment of obligations to maintain underlying documentation of accounting information. Access powers to obtain accounting information were generally not used during the review period and it was also unclear whether joint bank account information could be sufficiently accessed. A gap was identified in the notification process during the period under review and Andorra had since taken steps to make the necessary changes. While mechanisms in Andorra allow for effective exchange of information to a large extent, there are some uncertainties to the processes for ensuring the confidentiality of information received and the timeliness to which information is provided. Andorra should report steps taken to address the recommendations made in the Phase 2 report within twelve months.  For further information on Andorra’s exchange of information practices and to read the full report click here.


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