The Andorran Financial Authority (AFA), the body that oversees and supervises the financial, insurance and reinsurance markets of the Principality, has become a member of the Group of International Finance Center Supervisors (GIFCS), the entity created in 1980 to promote the adoption of international best practices in the financial sectors of small countries, where legislative proportionality is necessary.
The GIFCS brings together supervisors and central banks from 22 countries, including Andorra from now on. In the opinion of John Aspden, president of GIFCS, Andorra’s participation in this group will further increase the ability to contribute to the development and effective application of regulation in the context of a smaller nation.
The international accreditation that being part of a group like GIFCS means for the AFA and for the whole country is very important, since Andorra has become a world financial center with a good reputation. Among the strengths of the market are its solid banking system, its transparency and adherence to international standards. With this new step taken by the Andorran supervisor, whose CEO is David Cerqueda, the country demonstrates its commitment to comply with the highest regulatory standards and to foster a secure and well-regulated environment.
