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Socialist opposition wins Andorra's elections

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Socialist opposition wins Andorra's elections

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Andorra has gone to the polls against a backdrop of uncertainty over its tax haven status.

While failing to win an absolute majority, the social democrat party took 14 of the micro states 28 seats in parliament. In a campaign dominated by banking secrecy rules, the result ends the government of the centre right liberal party. Last month, Andorra agreed to change its banking laws as part of a worldwide push to tighten rules, following the global financial turmoil. The new agreement has allowed Andorra to be knocked off a blacklist of tax havens and placed on a grey list compiled by the Organisation for Economic Cooperation and Development.