OFAC Sanctions Compliance for Crypto

Related Jurisdictions

Key Facts

• **Law 14/2017, of June 22, on the prevention and fight against money laundering and terrorist financing (Llei 14/2017, del 22 de juny, de prevenció i lluita contra el blanqueig de diners i el finançament del terrorisme):** This is the overarching AML/CTF law that establishes the general obligations for all financial entities and designated non-financial businesses and professions (DNFBPs), which now explicitly include Virtual Asset Service Providers (VASPs). It mandates compliance with international sanctions. (AD)
• **URL (Official Gazette):** https://www.bopa.ad/bopa/029017/Pagines/EDICTE_2017_06_22_14_42_37.aspx (AD)
• **Law 23/2022, of December 1, on the Digital Economy, Digital Assets, and Security Tokens (Llei 23/2022, de l'economia digital, els actius digitals i la seguretat jurídica de les transaccions basades en la tecnologia de registres distribuïts):** This specific law regulates the digital asset sector in Andorra. It explicitly brings VASPs under the scope of AML/CTF obligations set out in Law 14/2017, including sanctions compliance. (AD)
• **Decrees and Regulations:** The Andorran government issues specific decrees to implement UN Security Council Resolutions and to adopt restrictive measures aligned with the EU's Common Foreign and Security Policy (CFSP). (AD)
• **AFA Website:** https://www.afa.ad/ (AD)
• **UIFAND Website:** https://www.uifand.ad/ (AD)
• **Asset Freezing:** Immediately freeze the virtual assets and funds of individuals and entities designated by the UN Security Council. (AD)
• **Prohibition of Services:** Prohibit making any funds or economic resources available, directly or indirectly, to or for the benefit of sanctioned persons or entities. (AD)
• **Reporting:** Report any frozen assets or attempted transactions involving sanctioned parties to UIFAND without delay. (AD)
• **Key UN List:** UN Security Council Consolidated List. (AD)