The changes are part of the government’s continuing policy to modernize the law to promote economic activity to encourage entrepreneurs within the Principality, as well as, continuing to meet international obligations to prevent the laundering of money and securities and the financing of terrorism.
As part of the process the government supported the proposal by the Minister of Finance, Mr Jordi Cinca, that Regulations be passed requiring that the details of the beneficial owners of Andorran companies be kept and maintained in the Register of Beneficial Interests. The Register is an enhancement of the existing Register of Commercial Companies, which details of the beneficial owners are held, and requires that the Registrar is notified of all changes and the Register is up dated.
The Register will not be open to public inspection, with inspection limited to only those individuals and organisations that can demonstrate a legitimate interest.
In a separate move the Council of Ministers approved a Decree which requires the Ministry of the Economy to notify Andorran Financial Intelligence Unit (UIFAND) when it considers it necessary for UIFAND to investigate and report on an application for foreign investment into Andorra. Previously, UIFAND was required to investigate and report to the Ministry of the Economy on all foreign investment, a requirement that was considered largely unnecessary, when 99% of requests did not give rise to any cause for concern.
Mr Cinca confirmed that the changes have been introduced on the recommendation of FAFT and Moneyval to improve transparency and prevent the opacity of corporate entities, associations and foundations in Andorra in compliance with international best practice and with respect to the international obligations.
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