Financial Crime World

Council of Europe MONEYVAL Committee Releases Report on Armenian AML/CTF System

The Council of Europe’s MONEYVAL Committee has released its report on the fifth round assessment of Armenia’s Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) system. The report highlights several areas where improvements are needed to strengthen the country’s AML/CFT regime.

Commendations and Recommendations

The Armenian authorities have been commended for their efforts to improve the national AML/CFT system, but the report notes that further action is required to address identified risks and deficiencies. The assessment identified high-risk areas, including:

  • Enhancing cooperation between competent authorities
  • Improving mechanisms for sharing information
  • Strengthening the capacity of law enforcement and supervisory bodies

The MONEYVAL Committee has made several key recommendations to Armenia’s authorities to address these issues, including:

Recommendations

  • Improve mechanisms for bilateral and multilateral cooperation between competent authorities, including through the establishment of joint working groups and mutual consultations.
  • Finalize the introduction of an Integrated Information System to facilitate the exchange of information between competent authorities and financial monitoring center.
  • Enhance international cooperation by participating in international organizations such as the Egmont Group and the Eurasian Group on Combating Money Laundering and Terrorist Financing.
  • Develop guidelines for law enforcement bodies to investigate money laundering and terrorist financing cases.
  • Strengthen the professional skills of law enforcement and judicial authorities through training and education programs.
  • Introduce a supervisory manual providing for the application of risk-based financial supervision in the field of AML/CFT and CPF.
  • Develop capacities for risk-based verification of AML/CTF compliance of financial institutions throughout the supervision process.

Next Steps

Armenia’s authorities have committed to implementing these recommendations by a specific deadline, with regular monitoring and evaluation to ensure progress. The MONEYVAL Committee will continue to work closely with Armenia to address any remaining issues and provide technical assistance where needed.

The release of this report is an important step forward in the fight against money laundering and terrorist financing, and we look forward to seeing continued cooperation between Armenia’s authorities and the international community.