Sat, 5 April
10.1 C
Yerevan
USD: 391.22 RUB: 4.63 EUR: 431.28 GEL: 142.08 GBP: 508.39
spot_img

Armenia’s gambling industry to undergo a major overhaul

YEREVAN, April 7, /ARKA/. Armenia’s deputy finance minister, Vardan Aramyan said Tuesday the country’s gambling industry will undergo a major overhaul in line with the Concept on Regulation and Control of the Gambling Business Sector, passed by the government on April 1. He said the concept ensures a larger government control over the halls including regular visitor quantity counts and higher annual fees.

The idea behind the reform is to prevent money laundering, terrorism financing and other illegal activities from taking place, he told a news conference on Tuesday.

Armenian government passed a decision last year to move Armenia’s casinos away from all cities such as the capital Yerevan. The country’s three largest resort towns, Jermuk, Tsaghkadzor and Sevan would instead play host to the country’s gambling halls.

According to Aramyan, the new bill aids “larger companies in this sector” which “are more disciplined and have control systems, separate subdivisions to fight against money laundering and financing of terrorism.

Currently, Armenia has 11 casinos and 103 gambling halls, which pay some 4 billion Drams of taxes. Beginning from 2013 casinos will pay a single duty of 1.2 billion Drams, the amount of which will lower depending on the zones, up to 400 million Drams. ($1 – 402.11 Drams). -0-

spot_img

POPULAR

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

Ranking of Armenia’s most profitable banks in 2024

ARKA news agency has released a ranking of the most profitable commercial banks in Armenia in 2024.

Arka news agency’s ranking of most profitable Armenian banks in 2019

In 2019, Armenia-based commercial banks earned a total of 78.8 billion drams in net profit, up from 56.4 billion drams they had earned in 2018, according to ARKA news agency's ranking of the most profitable commercial banks in the fourth quarter of 2019

Top ten Armenian banks by size of lending in 2019

In 2019, the overall loan portfolio of Armenia's banking sector grew by 16.4% to 3.572.2 trillion drams

LATEST NEWS

spot_imgspot_imgspot_img