Financial Crime World

ARMENIA TAKES MAJOR STEP IN FIGHT AGAINST FINANCIAL CRIME WITH COUNCIL OF EUROPE TRAINING INITIATIVE

Enhancing Capabilities in Preventing and Combating Financial Crime

YEREVAN, ARMENIA - In a significant move to bolster its capabilities in preventing and combating financial crime, Armenia has conducted a three-day training program in cooperation with the Council of Europe. The event brought together over 140 representatives from financial institutions and designated non-financial businesses and professions (DNFBPs), aiming to enhance their expertise in Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) compliance.

Training Program Objectives

  • Equip participants with practical insights and experience to identify, mitigate, and prevent financial crimes within their respective sectors
  • Address the implementation of targeted financial sanctions for proliferation and terrorism financing
  • Discuss national money laundering and terrorist financing risk assessment (NRA) and effective strategies for applying relevant preventive measures

Partnership for Good Governance

The training is part of the European Union and Council of Europe’s joint initiative, “Partnership for Good Governance,” which aims to strengthen good governance in the Eastern Partnership region. The project has a total budget of EUR 630,000 and will run until February 2026.

Commitment to Enhanced Legislative Framework

The event demonstrated Armenia’s commitment to enhancing its legislative and institutional framework against corruption, money laundering, and economic crime. The project aims to:

  • Strengthen the capacities of Armenia’s anticorruption and anti-money laundering bodies
  • Support the introduction and application of new mechanisms to combat corruption
  • Raise awareness on anticorruption and integrity

The Partnership for Good Governance

The Partnership for Good Governance is a joint initiative of the European Union and the Council of Europe for strengthening good governance in the Eastern Partnership region. The partnership provides tailor-made support to Eastern Partnership countries to bring their legislation and practice closer to European standards in the fields of human rights, rule of law, and democracy.

Challenges and Opportunities

Armenia has taken significant steps to address financial crime and corruption, including establishing a Financial Monitoring Center (FIU) and implementing targeted financial sanctions. However, the country still faces challenges in detecting and investigating economic crimes, as well as strengthening its legislative framework against money laundering and terrorism financing.

Council of Europe Training Initiative

The Council of Europe training initiative aims to support Armenia’s efforts to enhance its capacities in preventing and combating financial crime. The event provided a platform for engaging discussions on emerging challenges related to NRA and effective strategies for applying relevant preventive measures.

Implementation by the Council of Europe Action against Economic Crime Department

The training program was implemented by the Council of Europe Action against Economic Crime Department through its Economic Crime and Co-operation Division (Directorate General of Human Rights and Rule of Law).