Here is the article in markdown format:
Rule of Law and Judicial System
The Constitution of the Republic of Armenia provides guarantees for the rule of law, which is exercised through its supreme power. However, there are some limitations in terms of independence and impartiality.
- Legislative, executive, and judicial branches are separate, but may not always be independent.
- The judiciary has some limitations in terms of effectiveness.
Financial Intelligence Unit (FIU)
The FIU is responsible for receiving, analyzing, and disseminating suspicious transaction reports (STRs). However, it faces some challenges:
- Limited resources
- Insufficient expertise
Despite these challenges, the FIU cooperates with international partners to share information on potential money laundering and terrorism financing activities.
Law Enforcement Agencies
Law enforcement agencies (LEAs) are responsible for investigating and prosecuting crimes related to money laundering and terrorism financing. However, they face some limitations:
- Limited resources
- Insufficient training
- Poor coordination with other law enforcement agencies
Regulatory Body (Central Bank)
The Central Bank exercises licensing, regulatory, and supervisory functions over all financial institutions in the Republic of Armenia. It has a relatively good track record in terms of AML/CFT supervision, but there is still room for improvement.
- Need for more effective risk-based supervision
- Limited resources and expertise at the FIU
- Poor coordination and cooperation between LEAs
Key Findings
Potential vulnerabilities include:
- Limited independence and effectiveness of the judiciary
- Insufficient resources and expertise at the FIU
- Limited coordination and cooperation between LEAs
- Need for more effective risk-based supervision by the Central Bank
In conclusion, while there are some areas where the AML/CFT system in Armenia is functioning well, there are also several vulnerabilities that need to be addressed to improve its effectiveness.