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Armenia Struggles to Ensure Financial Inclusion and Prevent Fraud, Report Reveals
A recent report has shed light on Armenia’s efforts to combat financial crime and ensure financial inclusion. The country received mixed ratings from international experts, who praised its progress in some areas but identified significant gaps in others.
Compliance and Areas for Improvement
According to the report, Armenia is largely compliant with several key requirements, including:
- Assessing risk and applying a risk-based approach (R.1)
- National cooperation and coordination (R.2)
- Confiscation and provisional measures related to money laundering (R.4)
However, Armenia fell short of expectations in areas such as:
- Financial institution secrecy laws (R.9)
- Customer due diligence (R.10)
- Internal controls and foreign branches and subsidiaries (R.18)
The country was also found to be partially compliant with several other requirements, including:
- Regulation and supervision of financial institutions (R.26)
- Powers of supervisors (R.27)
Need for Improvement
The report highlighted the need for Armenia to improve its efforts in preventing fraud and ensuring financial inclusion. “Armenia’s financial system is vulnerable to money laundering and terrorist financing,” said an expert. “The government must take concrete steps to address these concerns and ensure that all citizens have access to financial services.”
Positive Developments
Despite these challenges, the report also noted several positive developments in Armenia’s efforts to combat financial crime. The country has made significant progress in implementing anti-money laundering regulations and has established a number of specialized agencies to oversee the financial sector.
Government Commitment
The Armenian government has vowed to address the concerns raised by the report and improve its efforts to prevent fraud and ensure financial inclusion. “We are committed to creating a safe and stable financial environment for all Armenians,” said a government official. “We will work closely with international partners to implement the necessary reforms and protect our citizens from financial crime.”
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