CEO of Andorra bank arrested, accused of money-laundering


The chief executive officer of a bank in the tiny European country of Andorra has been arrested on suspicion of money laundering following U.S. allegations that funds were laundered for groups from China, Russia and Venezuela, Andorran police said Saturday.

Joan Pau Miquel Prats of Banca Privada d’Andorra was taken into custody late Friday and will be held throughout the weekend pending a likely court appearance Monday, said an Andorran police spokesman who spoke on condition of anonymity because of department rules preventing him from being named…

The Treasury Department said BPA managers helped launder money, including $2 billion allegedly siphoned from the Venezuelan state oil company, Petroleos de Venezuela SA.

It also said one unnamed high-level BPA manager accepted “exorbitant commissions” to develop shell companies that helped launder the Venezuelan company’s money.