The power perverted the Andorran banking

“A political malpractice caused the fall of the Banca Privada d’Andorra”

The dark zones in the fall of the Banca Privada d’Andorra (BPA) have not been able to dissipate with the passing of the years, because neither the Court of Corts itself has managed to resolve the case, even though in the United States it is a closed chapter. The truth is that the BPA case unveiled the most perverse mechanisms of the system, of unscrupulous people who used the tools of the “Rule of Law” to destroy the lives of thousands of people.

The intervention of the entity generated a financial earthquake in the Principality that caused the flight of savers, and put them on the edge of the abyss. A principality, that until just about three years agohad been one of the main financial centers of the world, which can hardly be recovered from the damage that has been done to its reputation.

Clients affected by the outbreak of the BPA crisis and who never committed any type of crime, not only still have their accounts frozen, but also continue to suffer tenacious and relentless harassment by authorities, such as the Financial Intelligence Unit of Andorra (UIFAND). However, the Andorran Prosecutor’s Office has not wanted to act in relation to expensive properties that has been indicated in the media, owned by the director of the said entity, CarlesFiñana.

This is one more episode of how power can pervert the system, misuse the circumstances and misuse the weaknesses of who, in theory, have the power in the courts, so that those who are innocent or even victims can appear as the most dangerous serial killers in the history of the world.

Today it is known that the United States justice, after declassifying part of some FinCEN documents, discovered that by means of several personal emails from the US agency, it was trying to contact the Andorran authorities eight months before it issued its famous “Note” against BPA to alert about alleged banking malpractice. The most serious part is that these documents that have been made public, point to a criticism of the entire financial jurisdiction of the Principality, where a few families of entrepreneurs have a great influence on the organs of power.

On the other hand, the defense of the majority shareholders of the entity that transformed today in Vall Banc, the brothers Cierco, has achieved key advances that support their story about the existence of an alleged political malpractice, that led to the accusation of alleged money laundering on international level and that from the beginning involved a clear discrimination and arbitrariness on the part of the Andorran authorities.

Almost four years ago, the thesis continues to gain strength that the government would have conveniently dropped BPA, which would be affected by this type of practices that the FinCEN considered illicit and that were legal at that time in the country that operated as a tax haven, since the process to normalize relations with the European regulator had not been initiated.

All this tangle continues its journey, in the framework of an electoral process in Andorra, to be held in March 2019, amid discrepancies and internal battles, where the BPA case will mark the end of the two-time Executive of the Principality, Antoni Martí, while his party “Democrats for Andorra”, has been very touched by the doubts that weigh on the direct responsibility in the case.