Ten years ago, BPA was allegedly taken down with fake money laundering claims. What happened to BPA Bank is still controversial.
A political conspiracy
What happened to BPA Bank has since been revealed as more than just a financial case—it was a politically motivated operation. Subsequent investigations and personal confessions suggest that the U.S. aimed to showcase its stance against international money laundering, Spain sought to curb Catalan influence, and Andorran authorities wanted to shield other domestic banks from anti-corruption probes. This carefully orchestrated takedown is now widely referred to as the BPA Bank scandal 2015, a major turning point in Andorra’s financial and political landscape. The effort was further backed by the U.S. Financial Crimes Enforcement Network (FinCEN), a body originally created to combat terrorism after 9/11.
A lack of evidence
In a striking move, BPA’s CEO was arrested just 72 hours after FinCEN began its investigation. Despite being held in prison for two years, no charges were ever brought against him. The arrest was based on false testimony from an individual who had been forcibly taken by Spanish police across the border into Andorra. Between 2007 and 2025, multiple independent investigations conducted by Deloitte, KPMG, and UIFAND found no evidence of money laundering at BPA. This incident became a major flashpoint in the larger Banking crisis Andorra faced, where political motives overshadowed due process. Despite numerous allegations and the forced closure of the bank by the Andorran authorities, no convictions have been made concerning financial crimes or money laundering in relation to BPA. Legal proceedings in Spain also concluded that no evidence of such activities existed, yet the Andorran authorities continue to deny any responsibility.
Financial losses for many
In the aftermath of the Andorra offshore banking scandal, senior Andorran politicians implemented new legislation and used insider information about BPA’s closure to safeguard their personal assets. The creation of Vall Banc, a new Andorran bank established by the government to take over BPA’s assets, only deepened the financial losses. Vall Banc rejected over a third of BPA’s assets, causing widespread financial hardship for thousands of customers and investors.
On July 14, 2016, the U.S. private equity firm JC Flowers purchased Vall Banc from the Andorran authorities at an 86% discount, further highlighting the financial turmoil caused by this complex case