The CEO of an Andorran bank in Europe has been arrested after the U.S. Treasury accused the bank of money laundering for groups from China, Russia and Venezuela, according to The Associated Press.

Andorran police took Joan Pau Miquel Prats into custody Friday and is holding him throughout the weekend where he is likely to appear in court Monday.

The U.S. Treasury Department named Banca Privada d'Andorra a "primary money-laundering concern" on Tuesday, a few days ahead of the chief executive officer's arrest.

Head of Andorran Government Antoni Marti announced Thursday that his government has ousted the board of the bank following money laundering accusations, The Daily News Online reports.

Marti told reporters that some bank managers were dismissed as the entire board of the bank resigned and was replaced.

The central bank said it accepted the board's resignation and replaced them with a three-member board "to preserve the stability of the company and its operations."

The U.S. Treasury Department said that the BPA managers helped to launder money, which included a $2 billion transfer to the Venezuela state oil company, Petroleos de Venezuela SA.

The Treasury Department also said that one of the bank's top managers accepted "exorbitant commissions" to develop shell companies that helped launder the Venezuelan company's money.

Money laundering has been performed for "numerous" Spanish business owners as well, according to the department.

After the U.S. Treasury put BPA under "primary money-laundering concern," the financial authority of Andorra took over the private bank, Reurters reports.

The bank opened an internal investigation and announced that it was cooperating with authorities.

In recent years, Andorra has been making efforts to improve collaborations with other countries on fraud investigations.

The small principality located in the Pyrenees Mountains bordered by Spain and France has also been working to improve transparency in its banking system.

Two other BPA managers were arrested in Spain under allegations that they helped Russian and Chinese money launderers.