Andorra: Assessment of Financial Sector Supervision and Regulation
February 16, 2007
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This paper discusses key findings of the assessment of Financial Sector Supervision and Regulation in Andorra. The assessment reveals that bank supervision in Andorra is broadly sound and has improved since the 2002 assessment. Institut Nacional Andorrà de Finances’ (INAF) new charter strengthened its independence and remedial powers. But these could be further strengthened by empowering it to impose all types of sanctions. Developing INAF’s onsite supervisory capacity and clarifying its requests to external auditors will be important for the bank and nonbank financial sectors.
Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Banking, Commercial banks, Crime, External audit, Financial institutions, Insurance, Insurance companies, Public financial management (PFM)
Keywords: Andorran bank, Anti-money laundering and combating the financing of terrorism (AML/CFT), banks assets, charter Andorra, Commercial banks, CR, Europe, External audit, INAF directive, INAF supervision, INAF work, Institut Nacional Andorrà, Insurance, Insurance companies, ISCR, North America, Northern Europe, revoking bank license
Pages:
40
Volume:
2007
DOI:
Issue:
069
Series:
Country Report No. 2007/069
Stock No:
1ANDEA2007001
ISBN:
9781451800968
ISSN:
1934-7685
