Financial Crime World

Armenia Takes a Major Step Forward in Fighting Financial Crime

Yerevan, Armenia - In a significant move to strengthen its fight against financial crime, the Council of Europe has partnered with Armenia’s Financial Monitoring Center (FIU) to provide specialized training for financial institutions and designated non-financial businesses and professions (DNFBPs).

Effective Compliance Program and Risk-Based Approach

The three-day program, which concluded on January 25, brought together over 140 representatives from financial institutions and DNFBPs to advance their expertise in anti-money laundering (AML), counter-terrorist financing (CTF) compliance, and the implementation of targeted financial sanctions. The training focused on familiarizing participants with:

  • The main elements of an effective compliance program
  • Risk-based approach specific to these sectors
  • Typologies and case studies relevant for financial sector and DNFBPs

Implementation of Targeted Financial Sanctions and Emerging Challenges

The event also addressed the implementation of targeted financial sanctions, highlighting Armenia’s national regulatory framework, international standards, and best practices. Additionally, participants engaged in discussions on emerging challenges related to:

  • National money laundering and terrorist financing risk assessment (NRA)
  • Effective strategies for applying relevant preventive measures

Proactive Approach to Identifying, Mitigating, and Preventing Financial Crimes

The training aimed to enable a proactive approach to identifying, mitigating, and preventing financial crimes by providing practical insights and experience-sharing. This includes:

  • Familiarizing participants with the main elements of an effective compliance program
  • Risk-based approach specific to these sectors
  • Typologies and case studies relevant for financial sector and DNFBPs

Contribution to a Safer Financial Environment in Armenia

Armenia’s proactive approach to aligning its financial and non-financial sectors with global AML/CTF standards is expected to contribute to a safer and more secure financial environment in the country. The training is part of the European Union and Council of Europe’s joint program “Partnership for Good Governance,” which aims to strengthen good governance in Armenia.

Project Details

The project, worth EUR 630,000, 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). The Partnership for Good Governance provides tailor-made support to Eastern Partnership countries to bring their legislation and practice closer to European standards in the fields of human rights, rule of law, and democracy.

The project’s objectives include:

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