How the secret abuse of power in Andorra brought down an international bank
How the Abuse of Power in Andorra Led to the Downfall of an International Bank
A coordinated and unlawful smear campaign by Andorran authorities resulted in the expropriation of the Private Bank of Andorra (BPA), based on misleading evidence. This unjust action led to the loss of hundreds of millions of dollars for investors.
This website highlights the abuses of power perpetrated by Andorran, Spanish, and US authorities against BPA.
Case Summary
In March 2015, the Andorran Government, supported by Spanish officials, expropriated BPA and its subsidiaries following unverified allegations from the US Treasury’s Financial Crimes Enforcement Network (FinCEN).
Subsequent developments revealed that these authorities were pursuing their own political agendas: the US aimed to crack down on international money laundering; Spain was addressing Catalan independence sentiments; and Andorra sought to protect its elites from anti-corruption investigations.
Despite numerous allegations and the forced closure of BPA by Andorran authorities, there have been no convictions for money laundering associated with the bank.
FinCEN has since retracted its claims, and both BPA and its directors have been exonerated by Spanish courts. However, Andorra continues to deny its accountability.
BPA’s expropriation and the reckless and negligent actions of Andorran financial authorities caused millions of dollars in losses, causing financial misery for thousands of customers and investors.
