Financial Crime World

Armenia Steps Up Fight Against Financial Crime with EU-Council of Europe Support

Prioritizing Corruption and Economic Crimes

The Armenian authorities have made significant strides in combating corruption and economic crimes, establishing a chain of law enforcement and criminal justice institutions to specifically target these offenses. A national framework is now in place for the specialization of professionals in financial investigations and the prosecution of economic crime.

Challenges Remain

Despite legal and institutional advancements, challenges persist in conducting full-fledged financial investigations and effectively using results for prosecution and asset recovery. To bridge this gap, the EU-Council of Europe Project delivered two training courses on “Using Financial Investigations to Fight Economic Crime and Recover Assets” to 65 representatives from investigative, prosecutorial, and judicial authorities.

Training Program

The training program was designed as a practical capacity-building exercise, bringing together different functions of the system against corruption and economic crimes. It covered international standards and latest practices, as well as specificities of the Armenian system, including recent legal reforms. The methodology was highly interactive, with hands-on scenario-based exercises and guided discussions.

Enhancing Inter-Agency Cooperation

As an additional benefit, the events stimulated the enhancement of inter-agency cooperation at national level, through lively exchanges among represented institutions. Participants reflected on their respective roles, capacities, and possible contributions to improving the quality and effectiveness of financial investigations in Armenia.

Deputy Minister’s Gratitude

Armenia’s Deputy Minister of Justice, Ms Armenuhi Harutyunyan, expressed gratitude for EU-Council of Europe support for reforms implemented in the Armenian justice and anti-corruption sector. She highlighted the importance of these training courses for practitioners to acquire new knowledge and skills in investigating corruption and economic offenses, and recovering funds obtained as a result.

Ongoing Support

The Council of Europe will continue to help build national capacities against economic crime in Armenia through a series of follow-up activities based on identified needs. These activities are part of the Project on “Strengthening institutional capacities to fight and prevent corruption in Armenia”, co-funded by the European Union and the Council of Europe, and implemented by the Council of Europe within its Partnership for Good Governance II program.

Key Takeaways

  • The Armenian authorities have prioritized the fight against corruption and economic crimes
  • Challenges remain in conducting full-fledged financial investigations and effectively using results for prosecution and asset recovery
  • The EU-Council of Europe Project delivered two training courses to 65 representatives from investigative, prosecutorial, and judicial authorities
  • The training program covered international standards and latest practices, as well as specificities of the Armenian system
  • The events stimulated the enhancement of inter-agency cooperation at national level