Financial Crime World

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Regulatory Bodies Fight Financial Crime in Armenia

Armenia has made significant strides in implementing the technical requirements of the Financial Action Task Force (FATF) Recommendations, according to a recent mutual evaluation report.

Assessing Risk and Applying a Risk-Based Approach

The report highlights Armenia’s efforts to combat financial crime and terrorism financing. The country has implemented measures to assess risk and apply a risk-based approach, with a rating of Partially Compliant (PC).

National Cooperation and Coordination

Armenia scored high in national cooperation and coordination, with a rating of Largely Compliant (LC). This indicates that the country’s regulatory bodies are working effectively together to combat financial crime.

Establishing Money Laundering and Terrorist Financing Offences

The report praises Armenia’s efforts to establish money laundering and terrorist financing offences, with a rating of LC. The country has also implemented measures to confiscate assets and impose provisional measures, again with a rating of LC.

Areas for Improvement

However, there are areas where Armenia needs to improve:

  • Correspondent Banking: The country scored “Compliant (C)”, indicating that it has adequate measures in place to prevent money laundering and terrorism financing through correspondent banking relationships.
  • Regulation and Supervision of Financial Institutions: Although Armenia has implemented measures to ensure that financial institutions are subject to effective supervision and regulation, there may be room for improvement.

International Cooperation

In terms of international cooperation, Armenia scored high, with ratings of LC in areas such as:

  • Mutual legal assistance
  • Extradition
  • Other forms of international cooperation

Conclusion

Overall, the report indicates that Armenia is making significant progress in combating financial crime and terrorism financing. However, there are still areas where the country needs to improve its implementation of FATF Recommendations.