YEREVAN, July 14. / ARKA /. Central Bank of Armenia’s Financial Monitoring Center (FMC) is one of the most active members of the Group of Financial Intelligence Units Egmont, its chairman Boudewijn Verhelst, told Armenian journalists today.
“Armenia has always been an active member of the Group and holding its committee’s meetings in Yerevan once again confirms it,” he said.
Yerevan is hosting from July 11 to 15 an Egmond committee meeting. The participants are discussing co-operation of financial intelligence in the fight against money laundering and terrorism financing. The meeting has brought about 290 delegates from 102 countries and several international institutions like IMF, WB and FATF.
The head of the Armenian FMC Daniel Azatyan recalled that the system for combating money laundering was introduced in Armenia in 2004 and a relevant law was passed envisaging criminal punishment for its violation.
“A relevant body was set up empowered to collect information about money laundering and terrorism financing, to make researches and provide information to law enforcement bodies,” he stressed.
“We are very actively involved in the work of the Egmont Group. Two years ago we had offered to host the annual meeting of the Group in Yerevan, and shortly afterwards our proposal was accepted,” he said.
When presenting what was done in 2010 Azatian said the FMC shared 50 information reports with law enforcement authorities As a result, he said, 10 criminal cases were initiated, two sentences delivered and about 500 million drams were confiscated in favor of the government and another 500 million were confiscated to recover damages. The FMC received about 80 inquiries from foreign peers and as many inquiries were sent to foreign colleagues.
During the Yerevan meeting of the Egmont Group about 50 memoranda were signed between financial monitoring centers of more than 30 countries.
Egmont Group of Financial Intelligence Units was established in 1995 at the initiative of financial intelligence authorities of Belgium and the United States and now it includes financial intelligence agencies of 120 countries. The main purpose of the organization is to support national programs to combat money laundering, share information, train staff and promote communications channels. -0-
