Consequences of Financial Crime in Armenia: A Complex Challenge
Combating Corruption and Economic Crimes in Armenia
The Armenian authorities have made significant strides in combating corruption and other economic crimes, with major legislative and institutional reforms aimed at tackling these issues. However, despite these efforts, challenges persist in conducting full-fledged financial investigations and effectively prosecuting and adjudicating economic crime.
Training to Strengthen Anti-Corruption Efforts
To address this gap, the Council of Europe provided training to 65 representatives of investigative, prosecutorial, and judicial authorities involved in anti-corruption and anti-money-laundering in Armenia. The two consecutive training courses focused on “Using Financial Investigations to Fight Economic Crime and Recover Assets” and were designed as practical capacity-building exercises.
Key Takeaways from the Training Programme
- Brought together different functions of the investigative, law enforcement, and judicial system against corruption and other economic crimes in Armenia
- Examined and discussed the functioning and use of financial investigations
- Covered international standards and latest practices, as well as the specificities of the Armenian system, including recent legal reforms
Inter-Agency Cooperation and Collaboration
The events also stimulated inter-agency cooperation at national level through lively exchanges among represented institutions, highlighting the collaborative approach and complementary competencies needed for successful financial investigations.
Support from the European Union and the Council of Europe
Deputy Minister of Justice Armenuhi Harutyunyan expressed gratitude to the European Union and the Council of Europe for supporting Armenian justice and anti-corruption reforms. She highlighted the importance of these training courses in acquiring new knowledge and skills in investigating corruption and other economic offences, as well as achieving fund recovery.
Continued Support from the Council of Europe
The Council of Europe will continue to support national capacities against economic crime in Armenia through follow-up activities based on identified needs. These efforts are part of the “Partnership for Good Governance” programme co-funded by the European Union and the Council of Europe.