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UN Security Council Resolutions List Terrorists and Proliferators
In an effort to strengthen global efforts against terrorism and weapons proliferation, Article 3 of the law has been amended to incorporate lists published by or in accordance with United Nations Security Council resolutions. These lists will identify individuals associated with terrorist organizations and those involved in the proliferation of weapons of mass destruction.
Risk-Based Approach for Financial Institutions
Under Article 4, financial institutions and non-financial entities are required to apply a risk-based approach when identifying and assessing potential and existing risks related to money laundering, terrorism financing, and proliferation. This involves:
- Developing policies, controls, and procedures to effectively manage and mitigate identified risks
- Regularly reviewing these risks to assess exposure to threats
Reporting Obligations
Article 6 outlines reporting obligations for various categories of individuals and organizations. These include:
- Financial institutions: report transactions above AMD 20 million in cash or AMD 5 million in cash
- Notaries, organizers of casinos and games of chance, and lottery operators: report transactions above AMD 20 million
- Notaries, attorneys, and sole practitioners of law and accounting firms, as well as auditing firms and auditors: report on certain types of transactions related to real estate, client property, bank and securities accounts, and legal persons
- Organizers of casinos and games of chance: report on financial transactions related to their activities
Entities with Reporting Obligations
The article specifies that entities providing trust management and company registration services have reporting obligations when they act as:
- Formation agents
- Executive officers
- Trustees for legal persons
Additionally, the state authority in charge of registering legal persons is required to report on certain types of transactions related to state registration.
Implementation
The amendment takes effect immediately, with all affected parties expected to comply with the new reporting obligations. Failure to do so may result in severe penalties and fines.
Global Cooperation
By incorporating UN Security Council resolutions into its laws, [country] is demonstrating its commitment to global cooperation against terrorism and weapons proliferation. This move is seen as a significant step forward in the fight against these threats.