Andorra: Assessment of Financial Sector Supervision and Regulation

Author: International Monetary Fund

Volume/Issue: Volume 2007 Issue 069

Publication date: February 2007

ISBN: 9781451800968

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Public Finance , ISCR , CR , Andorran bank , INAF directive , revoking bank license , INAF supervision , banks assets , charter Andorra , INAF work , Institut Nacional Andorrà , Insurance companies , Insurance , External audit , Commercial banks , Anti-money laundering and combating the financing of terrorism (AML/CFT) , Europe , North America , Northern Europe

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Summary

This paper discusses key findings of the assessment of Financial Sector Supervision and Regulation in Andorra. The assessment reveals that bank supervision in Andorra is broadly sound and has improved since the 2002 assessment. Institut Nacional Andorrà de Finances’ (INAF) new charter strengthened its independence and remedial powers. But these could be further strengthened by empowering it to impose all types of sanctions. Developing INAF’s onsite supervisory capacity and clarifying its requests to external auditors will be important for the bank and nonbank financial sectors.