The central Bank of Spain entered external management in Bank of Madrid (Banco de Madrid) which "Banca Privada de Andorra" (BPA) belongs. The national institute of finance of Andorra (INAF) took BPA work under supervision after the Treasury Department of the US declared BPA the financial institution participating in washing of the capitals of criminal groups of China and Russia.
The bank of Spain declared that the decision was accepted, for ensuring continuous activity of bank. Auditors of bank were appointed Caceres Jose Luis Grasia and Alejandro Hernandez.
The department on fight against financial crimes of the USA made the statement in which to be said that heads of BPA promoted washing of the capital of the clients connected with the criminal organizations, corruption and human trafficking. According to the American department, the Andorra bank took active part in financial transactions of Russian mafia led by Andrey Petrov detained in Spain in 2013.
Banco de Madrid was based in 1957. Today assets of bank make 40 billion euro in business which is focused on private bank activity, with presence at the countries with a unique mode of the taxation, such as Andorra, Switzerland, Luxembourg, Panama and Uruguay. The bank was acquired by BPA in the summer of 2011, and became the first financial institution from Andorra which obtained the bank license in Spain.