Financial Crime World

Armenia Makes Progress in Fighting Money Laundering and Terrorist Financing

The Moneyval organization has published a follow-up report on Armenia’s efforts to combat money laundering and terrorist financing, highlighting significant progress made by the country in strengthening its framework to tackle these serious financial crimes.

Progress and Improvements

As part of its regular follow-up process, MONEYVAL evaluated Armenia’s progress since its mutual evaluation report was adopted in December 2015. The report found that Armenia has implemented measures to address technical compliance deficiencies identified in the earlier assessment and has also taken steps to meet new requirements set by the Financial Action Task Force (FATF).

Upgraded Ratings

As a result, MONEYVAL has upgraded its rating on two recommendations:

  • Recommendation 1: “Largely compliant” - assessing the risks of money laundering and terrorist financing
  • Recommendation 7: “Largely compliant” - related to targeted financial sanctions against proliferators
  • Recommendation 8: “Compliant” - concerning non-profit organizations

Areas for Improvement

However, MONEYVAL noted that progress is still needed on several other recommendations, including:

  • Politically exposed persons
  • DNFBPs (designated non-financial businesses and professions)
  • Powers of law enforcement and investigative authorities

These recommendations remain rated as “partially compliant”.

Next Steps

MONEYVAL welcomed Armenia’s progress but emphasized the need for further improvement in certain areas. The organization has placed Armenia on regular follow-up and will continue to monitor its progress over the next two-and-a-half years.

Commitment to Strengthening Anti-Money Laundering and Counter-Terrorist Financing Frameworks

The report highlights MONEYVAL’s commitment to helping countries like Armenia strengthen their anti-money laundering and counter-terrorist financing frameworks, which is critical in the fight against financial crimes that can undermine national security and stability.

Conclusion

Armenia’s progress in combating money laundering and terrorist financing is a significant step forward. However, there is still work to be done to address outstanding issues. MONEYVAL will continue to monitor Armenia’s progress and provide guidance to help strengthen its anti-money laundering and counter-terrorist financing frameworks.