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Legal System
The Andorran legal system is based on laws promulgated by the Andorran Parliament which are inspired by Roman law.
The Constitution adopted in 1993 guarantees, among other things, the following fundamental rights: principle of legality, hierarchy, publication of judicial rules, non-retroactivity of the rules restricting individual rights, juridical security, accountability of public institutions and prohibition of any kind of arbitrary executive or legislative action.
The Constitution guarantees the right to individual privacy. In Article 226 of the penal code it is stated:
“The manager or employee of a bank, credit or financial entity, who maliciously reveals confidential information about customers, risks a prison sentence up to 4 years. In the event of the crime involving a reward or monetary recompense, the maximum prison sentence shall be 7 years.”
Andorra has not signed any double taxation treaties nor has it signed any international agreement on information exchange. Andorra is not a safe haven for money launderers. Strict compliance rules apply to the financial services sector. The Andorran Government is currently working on a draft bill to modify the Anti-Money Laundering Law and to adapt it to the recommendations of the FATF (Financial Action Task Force) as well as certain issues recommended by the MONEYVAL. These include: analysing activities related to financing terrorism, drug trafficking, kidnapping, illegal sale of arms, prostitution and expanding the definition of supervised individuals and companies. The Andorran Laundering Prevention Unit (UPB) establishes exhaustive client diligence and maintenance of client files.
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