AML

923 accounts at Andorra bank suspected of money laundering

The tiny European state of Andorra says a study shows one of its banks had 923 accounts suspected of money laundering, a finding the bank's principal shareholders have blasted as false and misleading.

Andorran authorities seized Banca Privada d'Andorra last year after it was accused by the U.S. of helping groups from China, Russia and Venezuela launder money.

The study by consultants PwC said the 923 accounts represented three percent of the 29,200 customers and about 1 billion euros ($1.1 billion) in business volume, or 19 percent of the bank's total, Andorran financial authorities said in a statement Tuesday night.

But the Cierco family that is the bank's principal shareholder said the government "cannot point to any evidence of actual money laundering" and that BPA had already reported incidents of money laundering to the government.