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Armenia Struggles to Meet Global Anti-Money Laundering and Combating the Financing of Terrorism Standards, Evaluation Reveals
A recent evaluation by the Financial Action Task Force (FATF) has found that Armenia’s efforts to combat money laundering and terrorist financing are incomplete. The country received mixed ratings for its implementation of 40 recommendations aimed at preventing financial crimes.
Areas for Improvement
The FATF assessment highlighted several areas where Armenia needs improvement, including:
- Assessing risk and applying a risk-based approach
- National cooperation and coordination
- Confiscation and provisional measures related to money laundering and terrorist financing
- Laws regarding financial institution secrecy, customer due diligence, and record keeping
Strengths
On the other hand, Armenia demonstrated compliance in areas such as:
- Targeted financial sanctions related to terrorism and terrorist financing
- Financial intelligence units
- Mutual legal assistance
- Strong commitment to implementing new technologies to combat money laundering and terrorist financing
Overall Rating
Despite these strengths, Armenia’s overall rating was found to be largely compliant rather than fully compliant. This means that the country still has significant work to do to meet international standards for anti-money laundering and combating the financing of terrorism.
Roadmap for Improvement
The FATF evaluation provides a roadmap for Armenia to improve its AML/CFT regime and strengthen its financial system. The Armenian government will need to take concrete steps to address the weaknesses identified in the report and ensure that its laws, regulations, and practices are in line with international best practices.
Impact on Fintech Companies
For fintech companies operating in Armenia, this evaluation is a wake-up call. It highlights the importance of implementing robust AML/CFT measures to prevent financial crimes and maintain the integrity of the financial system. Fintech companies must be proactive in ensuring that their operations are compliant with Armenian laws and regulations, as well as international standards.
Conclusion
While Armenia has made progress in combating money laundering and terrorist financing, it still has a long way to go to meet global standards. The country’s fintech industry must be vigilant in implementing effective AML/CFT measures to prevent financial crimes and maintain the trust of customers and investors.