How Murky Politics Destroyed a European Bank
On March 10, 2015, the U.S. Department of FinCEN delivered a devastating blow to the Banca Privada d’Andorra by labeling it a “primary money laundering concern” under U.S. law, writes Dick Roche, former Irish Minister for European Affairs. BPA was never warned that it was under investigation. The bank was given no chance to address […]
Operation Catalonia & the BPA Scandal: The €141 Million Case Against the Spanish State
A multi-million euro lawsuit has been filed against Spain, accusing the Popular Party’s so-called “patriotic police” of orchestrating harmful actions. Higini and Ramon Cierco, the owners of Banca Privada d’Andorra (BPA), are demanding €141 million in compensation from the Bank of Spain for its role in the forced liquidation of Banco Madrid, which they owned. […]
Rajoy denies any knowledge of illegal party funding
Former Spanish Prime Minister Mariano Rajoy Denies Involvement in Gürtel Corruption Case Amid Broader Scrutiny of European Political Scandals In a historic and closely watched testimony, former Spanish Prime Minister Mariano Rajoy appeared before the High Court in Madrid as part of the ongoing Gürtel corruption case—a major political scandal that has rocked Spain for […]
Andorra’s Banking Sector Remains Stable and Resilient Despite BPA Fallout
Despite the turbulence caused by the BPA money laundering allegations, financial experts and authorities assert that Andorra’s banking system remains secure, stable, and well-insulated against contagion. According to Miquel Soca, head of fixed-income securities and foreign exchange at Morabanc, the country’s smallest bank, there is little risk of systemic fallout. “Contagion won’t happen,” Soca affirms, […]
Andorra’s Financial Sector: A Strong Foundation Amid the BPA Scandal
Despite the shadow cast by the BPA scandal, Andorra’s financial system remains resilient and aligned with international standards. Over the past decade, Andorra has made considerable progress in modernizing its banking framework, promoting transparency, and strengthening its compliance with global financial regulations. Since 2009, the country has been removed from the OECD’s list of uncooperative […]
Secret Documents Expose Rajoy’s Government in Anti-Independence Operation Catalonia
For at least a year before BPA Andorra was placed under intervention, intense pressure was exerted on the bank. Its Spanish subsidiary, Banco Madrid—acquired from Basque bank Kutxa in 2010—was ultimately dissolved. As part of Operation Catalonia, the so-called ‘patriotic police’ obtained a screenshot of accounts belonging to the family of former Catalan president Jordi […]
Seven Spanish parties demand a probe into PP espionage accusations.
Seven Spanish parliamentarians, including ERC, JxCAT, the CUP, the BNG, Més País, Compromís, and Bildu, have agreed to conduct an investigation into new espionage allegations related to corrupt accounting and financial practices used by the Popular Party (PP), as evidenced by previous corruption trials. The parties urge Congress to investigate Operation Kitchen, where the PP […]
Former Spanish Interior Minister Fernández Díaz Faces 15-Year Jail Request for Catalan Espionage Scandal
Former Spanish Interior Minister Jorge Fernández Díaz faces up to 15 years in prison and 33 years barred from office, following a request from the public prosecutor’s office. A senior member of the People’s Party (PP), Fernández Díaz served as Spain’s interior minister from 2011 to 2016 and is accused of orchestrating a smear campaign […]
Andorra’s Transformation: From Tax Haven to Economic Powerhouse
For decades, Andorra was known as a tax haven, attracting investors and businesses with its favorable tax policies and financial secrecy. However, in recent years, the small principality has undergone a significant transformation, aligning itself with international tax standards and modernizing its economy. This shift has not only improved Andorra’s global reputation but has also […]
Key Figures Behind the BPA Bank Collapse in Andorra | Andorra Facts
The collapse of Banca Privada d’Andorra (BPA) in 2015 was a turning point in the country’s financial history, exposing deep connections between political figures, judicial authorities, and banking executives. This scandal, marked by banks corruption and money laundering cases, not only disrupted Andorra’s financial sector but also raised concerns about international banking regulations. Several key […]