International Cooperation Crucial in Combating Financial Crime in Armenia, Experts Say
Armenia has made significant strides in its fight against corruption and economic crime, but experts emphasize that international cooperation remains essential to effectively combat financial fraud.
Established Chain of Law Enforcement and Criminal Justice Institutions
The country’s authorities have established a dedicated chain of law enforcement and criminal justice institutions to tackle corruption, money laundering, and related offenses. However, despite these efforts, challenges persist in conducting thorough financial investigations and using the results effectively in prosecution and adjudication of crime, as well as confiscation of criminals’ assets.
Training Courses on Financial Investigations
To bridge this gap, the Council of Europe recently delivered two training courses on “Using Financial Investigations to Fight Economic Crime and Recover Assets” to 65 representatives of investigative, prosecutorial, and judicial authorities. The training events built upon an earlier technical guidance package produced by the Project on financial investigations into money laundering and terrorism financing.
Practical Capacity-Building Exercise
The training program was designed as a practical capacity-building exercise, bringing together different functions of the investigative, law enforcement, and judicial system against corruption and economic crimes in Armenia. Participants examined and discussed financial investigations, international standards, and latest practices, as well as specificities of the Armenian system.
Inter-Agency Cooperation
The event also stimulated inter-agency cooperation at national level, with lively exchanges among represented institutions, including:
- Anti-Corruption Committee
- Investigative Committee
- National Security Service
- General Prosecutor’s Office
- Anti-Corruption Courts
- Financial Intelligence Unit
- Ministry of Justice
Deputy Minister’s Remarks
Deputy Minister of Justice Armenuhi Harutyunyan expressed gratitude to the European Union and Council of Europe for their support in implementing reforms in Armenia’s justice and anti-corruption sector. She highlighted the importance of the training courses in acquiring new knowledge and skills in investigating corruption cases and recovering funds obtained through such offenses.
Follow-Up Activities
The Council of Europe will continue to help build national capacities against economic crime in Armenia through a series of follow-up activities based on needs identified by national beneficiaries. The Project on “Strengthening Institutional Capacities to Fight and Prevent Corruption in Armenia” is co-funded by the European Union and Council of Europe and implemented by the Council of Europe within its Partnership for Good Governance II program.
Conclusion
International cooperation remains crucial in combating financial crime in Armenia, as highlighted by experts. The Council of Europe’s training courses and technical guidance package demonstrate a commitment to supporting Armenia’s efforts in building national capacities against economic crime.