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The BPA Crisis

11/11/2016/in Andorra, BPA & VALLBANC /by BankAdmin

The US Treasury Department’s financial crime body, FinCEN, denounced Banca Privada d’Andorra, the nation’s fourth-biggest bank, of IRS evasion. The power said that the frail anti-money-laundering controls and corrupt high-level supervisors have made BPA a simple vehicle for third–party cash launderers. The case not only reveals the moral corruption of the management but also points […]

Thousands of clients should have already been transferred to VallBanc

07/07/2016/in Andorra, BPA & VALLBANC /by BankAdmin

They admit that the accounts of thousands of clients should have already been transferred to VallBanc, once they were validated with the required information, but due to negligence, they never were… The Banca Privada d’Andorra (BPA) involved in the world-wide scandal for defrauding thousands of clients, is desperately seeking to rid the numerous claims always […]

The BPA Crisis

11/11/2016/in Andorra, BPA & VALLBANC /by BankAdmin

Thousands of clients should have already been transferred to VallBanc

07/07/2016/in Andorra, BPA & VALLBANC /by BankAdmin

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The BPA Crisis

11/11/2016/in Andorra, BPA & VALLBANC /by BankAdmin

The case not only reveals the moral corruption of the management but also points toward the professional dishonesty conducted by it. Three senior administrators at the bank acknowledged influences to help launderers in China, Venezuela, and Russia to pipe cash through the Andorran framework. Regardless of its action for unlawfully freezing the accounts of its customers, the AREB Government state assumed the responsibility of BPA and the bank’s CEO, Joan-Pau Miquel, was detained.

The Spanish representative of BPA Banco Madrid as a component of a recent development in the case petitioned for the organization. The Andorran government demands that BPA is a detached case, saying it is focused on straightforwardness and that whatever remains of the division is spotless. For its purpose, it would do well to be correct, yet numerous specialists fear this is not the situation.

As assessed by an external monetary establishment of essential tax evasion concerns by the US, they came close by the allegations that the bank had prepared assets connected to offenders in the said states and have resounded through Andorra and shook the whole nation. The clients who are not acclimated to this kind of thing were stunned. A great part of the work in Andorra is assigned to keep a check on the money division, which represents around 20 % of the total national output.

BPA’s case of this money laundering crisis commenced through the central headquarters of Andorra. The upper-level management of BPA set up administrations for giving financial services for the money launderer customers belonging to the third party in order to conceal the sources of the funds. In return for some of these setup services, the upper-level management of BPA acknowledged some special benefits and payments from its criminal customers.

As a feature of the notice of its researches, actions of FinCEN talk about a manager at Andorra of upper level who gave generous help to Andrei Petrov, pointed at the severity of the situation. In money laundering cases, Spanish law enforcements captured Petrov in February 2013. He was likewise suspected to have contacts with Semion Mogilevich who was one of the “Ten Most Wanted” outlaws of the FBI. This action by FinCEN’s depicts the actions of an upper-level manager belonging to a party in Andorra who fell prey to bribery in return for preparing money exchanges in bulk. Gao Ping who was another external money launderer, paid ample amounts as commissions to BPA authorities, through this partnership, to receive the deposited cash into less focused records and exchange the assets to suspected shell organizations in China. Spanish law enforcement arrested him in September 2012 for this.

Adding to the damage, the director at BPA was blamed for tolerating fixes from a Chinese delegate who professedly worked for Chinese hoodlums that were occupied with human trafficking and tax evasion. On the off chance that the Cierco siblings had been advised of FinCen’s worries, they would have tended to the issue since they had attempted to hold fast to administrative principles, their legal counsellors said. The lawyers BPA have employed – Deloitte and KPMG to lead yearly hostile tax evasion reviews, had never raised any genuine concerns. Those reports were submitted to the administration controller.

Hence, many of the Banca Privada d’Andorra’s (BPA) previous customers have said that they are a long way from feeling satisfied that any type of discipline has been approaching, and feel that the more profound fundamental issue is that they never got a conclusion from this crisis. Following the complaints of the clients, the law enforcement agencies and the government of Andorra had taken certain steps. However, these steps could not justify the ruthless act of illegally freezing the accounts of the clients.

Works Cited

“Bank Scandal Shines Uncomfortable Spotlight On Andorra”. Ft.com. N. p., 2016. Web. 27 Nov. 2016.

“United States Department Of The Treasury Financial Crimes Enforcement Network | Fincen.Gov”. Fincen.gov. N. p., 2016. Web. 27 Nov. 2016.

Titcomb, James. “Andorra On The Brink Of Europe’s Next Banking Crisis”. Telegraph.co.uk. N. p., 2015. Web. 27 Nov. 2016.

Thousands of clients should have already been transferred to VallBanc

07/07/2016/in Andorra, BPA & VALLBANC /by BankAdmin

The Banca Privada d’Andorra (BPA) involved in the world-wide scandal for defrauding thousands of clients, is desperately seeking to rid the numerous claims always with the unfulfilled promise of transferring the funds to the new financial institution VallBanc and to return the money to the affected investors.

The assistance and supposed leadership exercised by the current bank officials, amongst others Jaume Casals and Alexandre Saura, is not doing anything to help the companies nor the government of Andorra, due to the ineptitude and lack of capacity displayed by these characters. They have instead become experts in forging tactics of moratoriums, which hinder the process for the clients to get their money back.

To date there are 1 billion euros in accounts that have not been transferred to VallBanc, causing serious suspicions of fraud by managers and officials such as Jaume Casals and Alexandre Saura, which is why the clients are expecting their accounts to be transferred to VallBanc and once and for all end with this charade.

There is no reason to keep blocking the supposedly “suspicious” accounts, because “all of the requested information and documentation, which should be sufficient to validate all the transactions and pass over the accounts to VallBanc in the next transfer, is in the hands of the analysts of PricewaterhouseCoopers (PwC)”. The same current bank officials have admitted this with complete cynicism.

Even the analysts of PricewaterhouseCoopers (PwC) have admitted that they have all the documentation, but negligently yet not reviewed it. In addition, the BPA officials reaffirm that with the information they have at hand should be sufficient to analyse these accounts.

During the year that this process has lasted for, which already smells of a scam, the clients have provided an infinite number of documents to the ‘auditors’ (information that had already been provided previously) but without any positive result.

Moreover, at the same time in frank discourtesy, VallBanc has not answered the e-mails and phone calls or given a response to the status of the accounts of thousands of affected clients.

What is certain is that after everything that has happened, those who accused BPA to be the instrument of the Chinese, Venezuelan or Russian criminal networks to launder money, have been disagreed and not submitted any complaint whatsoever. The Americans themselves have admitted that they were wrong, that in fact, they had no evidence against anyone, but the Andorran government followed the game and now taken advantage of the situation to wangle the resources of the clients under the mantle of inefficiency and bureaucracy.