Financial Crime World

Financial Crime Investigation Procedures in Armenia Under Scrutiny Amidst Ongoing Reforms

Strengthening Anti-Corruption Efforts in Armenia

In an effort to bolster its anti-corruption efforts and bring financial crimes under closer scrutiny, the Armenian government has been actively implementing various reforms aimed at strengthening its financial crime investigation procedures.

Partnership for Good Governance II Project

The Council of Europe’s Partnership for Good Governance II project, in collaboration with the Corruption Prevention Commission of Armenia (CPC), played a pivotal role in shaping these reforms. The CPC was instrumental in developing and adopting a Model Code of Conduct for Public Servants in 2022, marking an important step towards establishing solid corruption prevention systems within the country.

The European Union/CoE Partnership has been providing support to the Ministry of Justice in Armenia to develop laws and procedures related to investigating corruption offenses. In late May, an official request was made by the Ministry for assistance from the Council of Europe in this regard.

Civil Forfeiture of Illegal Assets: A Major Step Forward

Another significant development in Armenia’s efforts to combat financial crime came with the adoption of the Law on Civil Forfeiture of Illegal Assets in April 2020. This landmark legislation marked a major step forward in strengthening the country’s framework for asset recovery, underscoring its commitment to tackling financial crimes effectively.

Aligning Financial Crime Investigation Procedures with International Standards

The reforms undertaken by Armenia aim to bring its financial crime investigation procedures more in line with international standards and best practices. Through these efforts, the government seeks to enhance transparency, accountability, and efficiency within the justice system, ultimately contributing to a safer and more secure business environment for all stakeholders.

Key Takeaways:

  • The Armenian government is actively implementing reforms to strengthen its financial crime investigation procedures.
  • The Council of Europe’s Partnership for Good Governance II project has played a pivotal role in shaping these reforms.
  • Armenia has adopted a Model Code of Conduct for Public Servants and the Law on Civil Forfeiture of Illegal Assets to combat financial crimes effectively.
  • The government aims to bring its financial crime investigation procedures more in line with international standards and best practices.