The government of Andorra has dismissed the board of private bank Banca Privada d’Andorra (BPA) over charges of money laundering activities leveled by the US.
BPA’s chief executive Joan Pau Miquel, dismissed with the rest of the board, has been arrested on money laundering allegations.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The move comes merely some days after Andorra seized control of the bank following allegations by the US that it was involved in money laundering.
According to the US Department of the Treasury’s Financial Crimes Enforcement Network, the bank was involved in proceeds of organized criminals in Russia and China, foreign corruption, and other criminal activity.
In a separate move, the Bank of Spain has received a letter of resignation from the board of Banco de Madrid, a BPA subsidiary, after it sent administrators to intervene in the mangement of the lender. BPA holds all the capital of the Banco de Madrid.
The resignation comes after the bank’s statement distancing itself from its Andorran parent and saying that it will continue to operate normally.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
