The financial sector in Andorra
The financial sector in Andorra is the economy’s main pillar, and it roughly represents 16% of the GDP.
The INAF (Andorran Institute of Finances) is the system’s supervisor and regulator (except for the insurance companies, regulated by Andorra’s Government Finances department)
The Financial Intelligence Unit of Andorra (UIFAND) is an independent body that impulses and coordinates prevention of money laundering and terrorism funding.
All Andorran Banks are certified as qualified intermediaries before the American IRS (internal Revenue Service) and have the SEPA and MiFID standards.
The Andorran legislation does not allow the incorporation of opaque offshore investment structures that prevent the effective beneficiaries’ identification.
The bank sector is characterized by the high capitalization of all its components and a cautious and conservative management. This makes solvency ratios to stand higher than 20%, far above most financial markets.