ANDORRA FINCEN NOTICE SPARKS DEBATE OF STRENGTH OF AMERICAN AML JUSTICE
July 1st, 2016
A DRAMATIC year for Pyrenees micro-state of Andorra has highlighted a debate over whether the US Treasury Department's Financial Crimes Enforcement Network (FinCEN) has excessive power over financial institutions outside America.
The American financial intelligence unit (FIU) issued a Notice of Finding (NOF) in March 2015, saying Banca Privada d'Andorra (BPA), one of only five banks in the principality, was a financial institution of “primary money laundering concern.” It later withdrew its notice, but only after the BPA was shut down and sold off, its ...
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