Higini Cierco

Quick summary on Higini Cierco

Higini Cierco, a prominent Andorran businessman and former majority shareholder of Banca Privada d’Andorra (BPA), has been at the center of legal controversies involving allegations of money laundering. These allegations have significantly impacted his reputation and the financial institution he once led.

Background: BPA, under the leadership of the Cierco brothers, was a key player in Andorra’s banking sector. However, in 2015, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) designated BPA as a “primary money laundering concern,” accusing the bank of facilitating illicit financial activities.

Legal Proceedings: In response to these allegations, the Cierco brothers initiated legal action against the U.S. Treasury Department, challenging the designation. However, in 2017, a federal appeals court upheld the Treasury’s decision, stating that the bank’s activities warranted such a designation.

Recent Developments: In 2023, Higini Cierco faced additional legal challenges when a local judge in Andorra charged him with money laundering. This charge was related to his alleged involvement in a financial scheme by Brazilian construction company Camargo Correa, which is accused of paying illegal commissions in exchange for public contracts.

Conclusion: Higini Cierco’s legal battles underscore the complexities and challenges associated with financial governance and anti-money laundering efforts. The outcomes of these proceedings are likely to have significant implications for the future of BPA and the broader financial community in Andorra.