The Andorran parliament on Thursday approved the creation of a state agency with fund of 30 million euros to face the consequences of the banking scandal involving the practices of Private Banking Andorra (BPA), found one AFP correspondent.
“The law restructuring and resolution of financial institutions” got 26 votes of 28, the virtual unanimity of the party of Prime Minister Antoni Martí (Democrates per Andorra) and a coalition of left Junts and Liberals d’Andorra.
The agency absorb “toxic” assets BPA, obtained through their illegal activities. The auditor Price Waterhouse Cooper’s was commissioned to separate the lawful assets of illicit.
With the “clean” assets the law provides for a “bridge” to preserve banking from BPA and its jobs bank .
This “settlement agency” then decide the future of the bank, either their overall sales, partially or liquidation.
The funds will be provided by four other banks in the country ( Credit Andorra MoraBanc, Andbank and Banc Sabadell d’Andorra).
From March 10, Andorra storm passes through a bank following revelations United States, which accused the BPA money laundering product Corruption in Venezuela, and links with Chinese and Russian mafias.
One of the leaders of the bank, Joan Pau Miquel, was indicted and jailed.
The Red against financial crime ( FinCEN) under the US Treasury Department agency, had described the BPA of “entity subject to ‘major concern’ regarding money laundering.”
AFP
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