Andorra bank seeks probe after U.S. Treasury forced closure for ‘money laundering’

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The former owners of the now defunct Banca Privada d’Andorra S.A. are calling for an investigation into why the U.S. Treasury Department labeled the Andorran bank a “primary money laundering concern,” a move which helped drive the bank out of business.

A lawyer for the Cierco family, which controlled the bank, sent a letter to Treasury Department’s Office of the Inspector General on Tuesday, asking for the office to investigate how the department reached the conclusion that BPA was aiding money launderers.

The Ciercos claim that the naming of the bank as a money launderer by the Treasury’s Financial Crimes Enforcement Network (FinCEN) naming of the bank, was “based on an insufficient and inadequate investigation,” which they were unable to challenge, according to the letter, which was shared with Reuters.

Read more here: reuters.com


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