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Combating Money Laundering and Terrorism Financing in Armenia

Money Laundering and Terrorism Financing

Armenia has a broadly sound legal and institutional framework to combat money laundering (ML) and terrorism financing (TF). Key findings include:

  • Armenia was found to be fully or largely compliant with 37 out of 40 FATF recommendations.
  • From the perspective of effectiveness, Armenia demonstrated a substantial level of effectiveness in relation to TF preventive measures and financial sanctions.
  • The risk of TF in Armenia is considered very low.

National Assessments of ML/FT Risks (NRA)

National Risk Assessments (NRAs) are conducted regularly with intervals of 3 years in line with the methodology approved by the Standing Committee on Combating Money Laundering, Terrorism Financing and Proliferation Financing in Armenia. The most recent NRA covering the period 2017-2020 has been finalized and endorsed in 2021.

Protection of Victims and Witnesses

Armenia provides protection to victims and witnesses through its laws and institutions. Key points include:

  • Chapter 9 of the Criminal Procedure Code provides the right of defense for any person involved in criminal proceedings who may provide information essential for detecting a crime and its perpetrator.
  • Protective measures can be taken to safeguard the life, health, property, rights, and interests of protected persons.

Fight Against Terrorism

Armenia has a comprehensive framework for fighting terrorism. Key points include:

  • The Law on the Fight Against Terrorism defines the main goals, principles, legal, and organizational framework of the fight against terrorism in Armenia.
  • The National Strategy of Armenia on the fight against terrorism was adopted in 2012, as well as an Action Plan for its implementation.

Institutional Framework

The fight against terrorism is conducted by state bodies authorized by the Government of Armenia within the power granted to them by law. Entities responsible for conducting the fight against terrorism include:

  • The National Security Service
  • Police
  • Ministry of Defense
  • Other bodies of the executive power