Financial Crime World

Armenia Strengthens Financial Sector Against Money Laundering and Terrorist Financing

Yerevan, Armenia - In a significant move to combat financial crimes, Armenia’s financial sector has implemented a compliance risk assessment framework to tackle money laundering and terrorist financing. The Council of Europe, in partnership with the Financial Monitoring Center of the Central Bank of Armenia (FIU), recently organized a three-day training session that brought together over 140 representatives from financial institutions and designated non-financial businesses and professions (DNFBPs).

Training Objectives

The program aimed to equip participants with the skills and knowledge necessary to develop effective anti-money laundering (AML) and counter-terrorist financing (CTF) compliance programs, as well as implement targeted financial sanctions for proliferation and terrorism financing. The training focused on familiarizing attendees with the main elements of a risk-based approach specific to the financial sector and DNFBPs.

Training Highlights

  • Typologies and case studies relevant to the financial sector and DNFBPs were discussed, providing participants with practical insights and experience in identifying, mitigating, and preventing financial crimes.
  • The importance of implementing targeted financial sanctions was emphasized, along with raising awareness on Armenia’s national regulatory framework, international standards, and best practices.

National Commitment

The active engagement of national institutions reflects Armenia’s commitment to aligning its financial and non-financial sectors with global AML/CTF standards, ultimately contributing to a safer and more secure financial environment in the country. The training is part of the European Union and Council of Europe joint program “Partnership for Good Governance”, co-funded by the European Union and the Council of Europe, and implemented by the Council of Europe as part of the Project on “Enhancing national capacities for effective prevention and fight against economic crime in Armenia”.

Key Takeaways

  • The implementation of a compliance risk assessment framework will help strengthen Armenia’s financial sector against money laundering and terrorist financing.
  • The training session aimed to equip participants with the skills and knowledge necessary to develop effective AML/CTF compliance programs.
  • Armenia’s commitment to aligning its financial and non-financial sectors with global AML/CTF standards demonstrates its dedication to creating a safer and more secure financial environment.