One of the recurring preoccupations of this column is to focus on geostrategic storms occurring elsewhere in the world and being neglected by the English-language media. In this instance, it’s a multi-level story, namely the tug-of-war between Madrid and Andorra as part of the struggle by Spain to contain and prosecute the Catalan independence movement – hiding the corruption among parts of Spain’s elite. The column already covered topic before in March 2023 and not much has happened since to right the wrongs cited therein. In fact, the Spanish media has boiled with the scandals since then. So murky, contradictory and insiderish is the situation, made so deliberately by the main actors, that media outlets outside the region have mostly skated the topic and the miscarriages of justice within.
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Autor: Melik Kaylan
Publicació 20 de desembre de 2025
After all, Andorra is a small Pyrenean state nestled between Spain and France, a sort of tax haven, with close structural ties to both countries but of little apparent concern to the world beyond that. In reality, the story of chicanery goes deep into Andorra’s banking system, which affects the EU’s banking security and therefore affects the wider world. Furthermore, the scandals involve top Spanish politicians, names of royalty, top Spanish law enforcement and Andorra’s elites. The regional media has covered the story like a roaring scandal – which it is – but with few echoes beyond. Now there are new developments.
Here’s a brief summary: In an effort to extract financial information on Catalan independence leader Jordi Pujol, who is currently on trial in Spain, high-ranking members of the Spanish government sent misleading information about an Andorran bank to the U.S. government’s Financial Crimes Enforcement Network, a central anti-laundering body. The result, ultimately, led to a series of controversies, including the bank’s expropriation and lengthy prison sentences for executives – outcomes that look increasingly unjust. The ramifications remain ongoing a decade later. Recent events have now given Andorra the opportunity to right these wrongs.
Last month, the trial of Catalan pro-independence leader Jordi Pujol began in Spain. At the heart of the prosecution is Pujol’s Andorran bank account, where he is alleged to have hidden money obtained from public contracts.
While the case centers on corruption and money laundering, the story of how the Spanish government allegedly obtained the banking information is far more complex, involving a secret Spanish intelligence operation, Andorran government corruption and the manipulation of U.S. law enforcement.
Ten years ago, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) designated Banca Privada d’Andorra (BPA) as a foreign financial institution of primary money laundering concern. The Andorran authorities acted immediately, nationalizing the bank, which at the time had €10 billion under management, resulting in millions of euros in losses for shareholders and the eradication of a thousand jobs.
However, this summary action was not as straightforward as it seemed. A year prior, US authorities had warned Andorra’s government about the potential for widespread money laundering across its banking sector generally. Andorran authorities then largely ignored the warnings, choosing not to investigate any banks.