Financial Sanctions Enforcement in Armenia Gets Boost, MONEYVAL Reports

Armenia’s efforts to strengthen its framework for combating money laundering and terrorist financing have yielded positive results, according to a recent report by the Moneyval committee.

Progress Made Since Mutual Evaluation

Since its mutual evaluation in December 2015, Armenia has made significant progress in addressing technical compliance deficiencies identified in the previous report. The country has implemented new measures to meet updated requirements from the Financial Action Task Force (FATF) and reported back to MONEYVAL on the steps taken to address these deficiencies.

Upgraded Ratings

MONEYVAL has upgraded Armenia’s ratings for several key recommendations:

• Recommendation 1: Assessing Risks - From “partially compliant” to “largely compliant”
• Recommendation 7: Targeted Financial Sanctions against Proliferation - From “partially compliant” to “largely compliant”
• Recommendation 8: Non-Profit Organizations - Now rated as “compliant”

Areas for Improvement

While progress was made on several other recommendations, including those related to:

• Politically Exposed Persons (PEPs)
• Designated Non-Financial Businesses and Professions (DNFBPs)
• Law Enforcement Powers

MONEYVAL identified significant shortcomings that prevent Armenia from achieving full compliance. As a result, the ratings for these recommendations remain “partially compliant”.

Ongoing Monitoring and Reporting

Armenia will continue to report back to MONEYVAL every two-and-a-half years on its progress in implementing anti-money laundering and counter-terrorist financing measures. This regular follow-up process ensures that Armenia remains committed to strengthening its framework for combating money laundering and terrorist financing.