Financial Crime World

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ARMENIA: COUNCIL OF EUROPE AND FINANCIAL MONITORING CENTER HOST SPECIALIZED TRAININGS FOR FINANCIAL AND NON-FINANCIAL SECTORS

Enhancing Capabilities to Combat Money Laundering and Terrorist Financing

The Council of Europe, in partnership with the Financial Monitoring Center of the Central Bank of Armenia (FIU), has organized a three-day training program aimed at enhancing the capabilities of financial institutions and designated non-financial businesses and professions (DNFBPs) in combating money laundering and terrorist financing.

Bringing Together Experts from Various Sectors

The event brought together over 140 representatives from various sectors, including financial institutions and DNFBPs. The training focused on advancing expertise in Anti-Money Laundering (AML), Counter-Terrorist Financing (CTF) compliance, and the implementation of targeted financial sanctions for proliferation and terrorism financing.

Focusing on Effective Compliance Programs and Risk-Based Approaches

The program aimed to familiarize participants with effective compliance programs and risk-based approaches specific to their sectors. Typologies and case studies relevant to financial sector and DNFBPs were discussed, along with practical insights and experience on identifying, mitigating, and preventing financial crimes.

Addressing Emerging Challenges in Money Laundering and Terrorist Financing

Implementing targeted financial sanctions was also addressed during the training sessions, emphasizing awareness of national regulatory frameworks, international standards, and best practices. The event provided an opportunity for engaging discussions on emerging challenges related to national money laundering and terrorist financing risk assessment (NRA) and effective strategies for applying relevant preventive measures.

Armenia’s Proactive Approach to Aligning with Global AML/CTF Standards

The active engagement of national institutions reflects Armenia’s proactive approach in aligning its financial and non-financial sectors with global AML/CTF standards, contributing to a safer and more secure financial environment.

Partnership for Good Governance: Strengthening National Capacities for Effective Prevention and Fight against Economic Crime

This training is part of the European Union and Council of Europe joint program “Partnership for Good Governance,” which aims to strengthen good governance in Eastern Partnership countries. The project focuses on enhancing national capacities for effective prevention and fight against economic crime in Armenia.

Key Partners and Institutions Involved

The partnership has brought together various institutions, including:

  • Ministry of Justice
  • Ministry of Internal Affairs
  • Anti-Corruption Committee
  • Corruption Prevention Commission
  • Civil Service Council
  • Central Bank of Armenia
  • Financial Monitoring Center (FIU)
  • National Security Service
  • Civil Service Office
  • Office of the General Prosecutor
  • Investigative Committee of Armenia
  • Judiciary
  • Civil society

Project Objectives and Implementation Details

The project’s objectives include:

  • Strengthening legislative, strategic, and institutional frameworks and capacities for effective corruption prevention
  • Increasing effectiveness in detection, investigation, prosecution, and adjudication of corruption-related offenses
  • Advancing anti-money laundering and countering terrorism financing legislation and technical capacities

This 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 runs from 1 March 2023 to 28 February 2026. The total budget for this phase is EUR 630,000, with the overall program budget being EUR 19.3 million (80% funded by the European Union and 20% by the Council of Europe).