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Brief history

The first bank to be set up in the Principality of Andorra was Banc Agrícol i Comercial founded in 1930. Later on, the economic development of Andorra from the 1950s onward favored the setting up of new credit entities in the Principality.

Until 1993 Andorra had a self-regulating banking system which followed the directives issued by the Associació de bancs Andorrans (ABA). Founded on 11 November 1960 , ABA came into being with the mission to self-regulate the banking sector, represent the interests of all its members and at the same time to be a guarantee of good banking practice and the corporate image of the Andorran financial center.

The seven banks operating in Andorra in 1990 signed an agreement to self-regulate the banking sector, to represent the interest by the Conventions of Vienna and Strasbourg for the prevention of money laundering and the recommendations of the Council of Europe of 7 June 1980, the Bâle Declaration of Principles of December 1988 and the 40 recommendations of GAFI. The main points in the agreement were:

  • Application of the criteria of the B â le Committee G-10 with regard to making capital adequate;
  • Having the financial statements of Andorran banks audited by independent auditors on the basis of international accounting standards;
  • Exclusion of money laundering activities;
  • Maintenance of bank secret and a requirement for bank officers to be fair and competent persons.

With the adoption of the Andorran Constitution in 1993 the process of development the legislative framework for the financial sector began.

Other laws have been enacted which form the current legal framework for the Andorran financial system.

With regard to financial investment entities, they also have an association (the Association of financial investment entitiesADEFI) which was set up on 5 May 1999.

 

19 / 08 / 2018

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