Armenia Takes Steps to Enhance Financial Crime Compliance
Strengthening Fight Against Financial Crimes in Armenia
YEREVAN, ARMENIA - In a significant move to bolster its fight against financial crimes, Armenia has taken steps to enhance Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) compliance. The country’s financial institutions and Designated Non-Financial Businesses and Professions (DNFBPs) have been engaged in specialized trainings to advance their expertise in AML/CTF compliance.
Council of Europe Organizes Training Program
The Council of Europe, in cooperation with the Financial Monitoring Center of the Central Bank of Armenia (FIU of Armenia), organized a three-day training program for over 140 representatives from financial institutions and DNFBPs. The event aimed at familiarizing participants with the main elements of an effective compliance program and risk-based approach specific to these sectors.
Key Topics Covered
- Advancing expertise in AML/CTF compliance
- Implementation of targeted financial sanctions for proliferation and terrorism financing
- Raising awareness on national regulatory framework, international standards, and best practices
- Typologies and case studies relevant for financial sector and DNFBPs
Supporting Armenia’s Fight Against Financial Crimes
“This event is part of our ongoing efforts to align Armenia’s financial and non-financial sectors with global AML/CTF standards,” said a spokesperson for the Council of Europe. “We are committed to supporting Armenia in its fight against financial crimes and ensuring a safer and more secure financial environment in the country.”
Partnership for Good Governance
The training was funded by the European Union and implemented through the Partnership for Good Governance, a joint initiative between the European Union and the Council of Europe aimed at strengthening good governance in Eastern Partnership countries.
Enhancing National Capacities Against Economic Crime
In related news, the Council of Europe has launched a project to enhance national capacities for effective prevention and fight against economic crime in Armenia. The project aims to increase the capacities of Armenian institutions and demonstrate effectiveness in the prevention of and fight against corruption and money laundering.
Project Objectives
Through a combination of tailored policy/legislative and capacity-building actions, the project seeks to strengthen legislative, strategic, and institutional frameworks and capacities for effective prevention of corruption. It also aims to increase effectiveness of detection, investigation, prosecution, and adjudication of corruption-related offenses.
Project Funding
The project is implemented by the Council of Europe Action against Economic Crime Department through its Economic Crime and Co-operation Division (Directorate General of Human Rights and Rule of Law) and is co-funded by the European Union and the Council of Europe.