In Andorra for many years bank secrecy existed, this is instinctively related to tax evasion and muddy issues. The truth is that it has gained that reputation, but today it can not be said that in Andorra there is tax evasion, but it is banking secrecy. Numbered accounts are no longer, this is banned, but the banking secrecy is still valid.
It can be read in many media that in Andorra there is no more the banking secrecy, it is false. The second most serious crime in the country is to violate it and the banking system continues to be governed by the parameters of it, possibly not for long, but in the medium term banking secrecy continues to operate in the country. At the client level the implications of this situation are low or zero, there is a higher level of privacy, but it is not the most useful part of Andorran privacy. At the level of the hacienda does not mean anything, there is automatic exchange of information, so in general it is not difficult for a country's finances to know the status of the accounts that its residents have in Andorra. Increasingly, agreements and double taxation agreements are being signed. That is, Andorra is a very bad country in the face of tax evasion. As basically all the countries today.
Therefore, while the privacy of customers remains extremely important for banks, it will not prevent the finance of the country of origin from knowing about the existence of accounts or companies in Andorra. That is, there are reasons to create a bank account in Andorra, but one of those is not to make use of bank secrecy. Accounts are usually created and declared to the hacienda of origin, so they are not very suspicious movements.