Financial Crime World

Armenia Takes Steps to Enhance Judicial Reforms, Combat Money Laundering and Financial Crimes

Yerevan, Armenia - The Armenian government has launched a series of measures aimed at strengthening the country’s financial sector integrity and combating money laundering and terrorist financing.

Strengthening Anti-Money Laundering and Counter-Terrorism Financing Regime

The authorities have introduced several reforms to improve the effectiveness of the country’s anti-money laundering (AML) and counter-terrorism financing (CFT) regime under the “2019-2023 State Program on Combating Money Laundering and Terrorist Financing”.

Key Measures

  • The establishment of a licensing or registration requirement for virtual asset service providers (VASPs), such as cryptocurrency exchanges and wallets, to enable supervisors to identify and prevent criminal activity in the sector.
  • Methodologies for assessing bank-specific money laundering and terrorist financing risks, as well as those of reporting entities outside the banking sector, to help supervisors better understand ML/TF risks faced by individual institutions and monitor their financial transactions and services.

Additional Measures

  • Guidelines for investigating money laundering cases
  • Training programs for law enforcement officials on seeking international legal assistance and exchanging information with foreign partners

Broader Effort to Strengthen Judicial System and Combat Corruption

The reforms are part of a broader effort to strengthen Armenia’s judicial system and combat corruption. The country has faced several high-profile corruption scandals in recent years, including allegations of money laundering and other financial crimes.

Commitment to Enhancing Anti-Money Laundering Regime

“We are committed to enhancing our anti-money laundering and counter-terrorism financing regime to prevent criminal activity and protect the integrity of our financial sector,” said [Name], Armenian Prime Minister.

Positive Impact on Reputation and Protection of Citizens

The measures are expected to have a positive impact on Armenia’s reputation as a stable and attractive destination for foreign investment, while also protecting the country’s citizens from the threat of money laundering and terrorist financing.