923 accounts at Andorra bank suspected of money laundering

MADRID – The tiny European state of Andorra says a study shows one of its banks had 923 accounts suspected of money laundering.

Andorra 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 its total.

Andorran financial authorities say that based on the report released late Tuesday, more than 90 percent of BPA's clients are fit to be transferred to the newly-created Vall bank.

They said BPA senior management and majority shareholders remain under investigation.

Located between Spain and France, Andorra has 85,000 residents.