Financial Crime World

Armenia’s Financial Intelligence Unit Takes On Money Laundering and Terrorism Financing

Introduction

In a bid to combat money laundering and terrorism financing, Armenia’s Financial Monitoring Centre (FMC) has been working tirelessly to implement and enforce effective anti-money laundering and combating the financing of terrorism (AML/CFT) mechanisms. As the financial intelligence unit of the Republic of Armenia, FMC plays a crucial role in maintaining the country’s economic stability and security.

Divisions and Responsibilities

  • Develops AML/CFT legislation based on international standards and best practices
  • Regulates national bilateral and multilateral cooperation
  • Ensures proper legal formulation of analysis outcomes on suspicious transactions and business relationships
  • Plays a crucial role in ensuring Armenia’s laws are aligned with global norms and effective cooperation with other nations to combat financial crimes

Analysis Division

  • Conducts operational analysis based on information related to money laundering and terrorism financing received from reporting entities, competent state authorities, and foreign financial intelligence units
  • Identifies potential threats and traces the flow of illicit funds
  • Plays a critical role in identifying potential threats and tracing the flow of illicit funds

Information Systems Design and Development Division

  • Maintains and develops information systems used by FMC, including the entry of reports received from reporting entities into a database and creation of tools for analysis
  • Ensures FMC has the technological infrastructure needed to analyze large amounts of data and identify patterns and trends
  • Plays a vital role in ensuring FMC can effectively analyze and combat financial crimes

International Relations Division

  • Submits proposals for the incorporation of international AML/CFT standards into Armenia’s legal system
  • Coordinates cooperation with international organizations and foreign financial intelligence units
  • Implements resolutions adopted by these organizations
  • Plays a critical role in ensuring Armenia remains a global player in the fight against financial crimes

Strategic Analysis and Supervision Division

  • Conducts strategic analyses to identify money laundering and terrorism financing related trends and patterns, assess national risks, and performs risk-based supervision over reporting entities that do not have designated supervisory bodies in the field of AML/CFT
  • Identifies potential threats and ensures Armenia’s financial system is resilient to financial crimes
  • Plays a critical role in identifying potential threats and ensuring Armenia’s financial system is resilient to financial crimes

Conclusion

Through its various divisions, FMC plays a crucial role in combating money laundering and terrorism financing in Armenia. Its efforts are essential in maintaining the country’s economic stability and security. By implementing effective AML/CFT mechanisms, Armenia can ensure it remains a global player in the fight against financial crimes and protects its citizens from the threat of financial crimes.