The BPA Scandal: How a Small Andorran Bank Became the Center of an International Financial Crisis
In March 2015, the small principality of Andorra found itself at the heart of a global financial scandal when Banca Privada d’Andorra (BPA) was accused of facilitating international money laundering. The allegations, made by the U.S. Treasury, claimed BPA laundered money for organized crime groups, leading to severe consequences for the Andorran banking sector and […]
Andorra’s Banking Scandal: How the BPA Case Shook the Nation
Andorra, a small but prosperous European nation, has long been known for its picturesque landscapes and status as a tax haven. However, the country gained global attention in 2015 when its financial sector was rocked by a banking scandal that led to the downfall of Banca Privada d’Andorra (BPA). The incident raised serious concerns about […]
How High-Ranking Andorran Officials Shielded Preferred Banks While Allowing BPA to Collapse
Fuentes Informadas published transcripts of a conversation between former National Police Commissioner and key figure in Operation Catalonia, José Manuel Villarejo, and a journalist. In this conversation, Villarejo revealed that he was instructed by a government official to halt an investigation into Andbank and instead redirect scrutiny toward BPA. The reason? To avoid “bothering a […]
Andorra’s Prime Minister Faces Legal Action Over BPA Scandal
Higini Cierco, the former majority shareholder of Banca Privada d’Andorra (BPA), has filed a criminal complaint in the Andorran Tribunal de Corts (Court of First Instance) against the Head of Government, Xavier Espot Zamora. The charges include fraud, influence peddling, and waste of public funds, all linked to Espot’s role in the controversial intervention and […]
US Republican Leaders Demand Answers on BPA Intervention
Andorra’s most-read news outlet reports that the US Congress has shown renewed interest in FinCEN’s involvement in the intervention and subsequent dissolution of Banca Privada d’Andorra (BPA). Congressional Concerns Over FinCEN’s Role in BPA’s Closure US Republican leaders are closely examining the actions of the American administration, particularly FinCEN’s decisions, which had significant repercussions for […]
Espot’s re-election could damage the trust of the US in Europe’s banks, according to US media outlet, Forbes.
Espot’s Re-election Could Undermine US Trust in Europe’s Banks, Warns Forbes A recent article by Forbes columnist Melik Kylan raises serious concerns about the potential implications of Prime Minister Xavier Espot’s re-election on transatlantic relations and investor confidence. According to the report, Espot’s handling—or lack thereof—of the ongoing BPA scandal could jeopardize the trust of […]
The former number 2 of the Interior Ministry claims that it was Andorra that ‘finished off’ BPA
Former Spanish Official Alleges Andorra Was Behind BPA’s Collapse In a letter addressed to Andorra’s Prime Minister, Xavier Espot, Francisco Martínez, the former Secretary of State for the Interior of Spain, made a bold claim: the Andorran government itself supplied the information that led to the US Department of the Treasury’s FinCEN notice against BPA […]
Weak regulation in Andorra is a threat to the EU financial system, according to a new report
Weak Regulation in Andorra Poses a Threat to the EU Financial System, Says New Report A recent report by anti-corruption expert Martin Kreutner highlights the vulnerabilities in Andorra’s anti-corruption and anti-money laundering (AML) measures. The report warns that weak regulations in the Principality could threaten the stability of the EU financial system, describing Andorra as […]