Financial Action Task Force Guidelines in Armenia Under Scrutiny

A recent assessment of Armenia’s compliance with international standards on anti-money laundering (AML) and combating the financing of terrorism (CFT) has revealed significant improvements in its framework, particularly over a short period. The Financial Action Task Force (FATF) guidelines are designed to combat money laundering and terrorist financing, and Armenia’s progress is seen as a major achievement.

Compliance Improvements

The assessment highlights that Armenia replaced its initial AML/CFT law, enacted in 2005, with a more comprehensive law passed in 2008. This move demonstrates the country’s commitment to strengthening its defenses against financial crimes. Furthermore, the money laundering offense in Armenia is criminalized broadly in line with international standards.

FATF Recommendations

The report concludes that Armenia has made substantial progress in implementing the FATF recommendations, particularly in the areas of AML/CFT regulations and institutional framework. However, there are still some gaps that need to be addressed to ensure full compliance with the international standards.

Key Findings

• Armenia has replaced its initial AML/CFT law with a more comprehensive one passed in 2008.
• The money laundering offense is criminalized broadly in line with international standards.
• Progress has been made in implementing FATF recommendations, particularly in AML/CFT regulations and institutional framework.
• There are still gaps that need to be addressed to ensure full compliance with international standards.

Country Report

This country report provides a comprehensive overview of Armenia’s AML/CFT system, highlighting both its strengths and weaknesses. The findings will be essential for policymakers and financial institutions in Armenia as they work towards strengthening their defenses against money laundering and terrorist financing.