Police say they have arrested the chief executive officer of a bank in the tiny country of Andorra on suspicion of money laundering following U.S. allegations that funds were laundered for groups from China, Russia and Venezuela.

An Andorran police official says Joan Pau Miquel Prats of Banca Privada d'Andorra was arrested late Friday and will be held pending a likely court appearance Monday.

The arrest comes five days after BPA was named a "primary money-laundering concern" by the U.S. Treasury Department.

Andorra suspended BPA's board Thursday and three members of its management team after taking over the bank and appointing temporary administrators.

Spain and Panama also took over the bank's units in those countries.

The police official spoke anonymously Saturday because of rules preventing him from being named.