YEREVAN, December 7. /ARKA/. MONEYVAL committee of experts approved the third stage for evaluating the progress of struggling against money laundering and terrorism financing (ML/TF) in Armenia.
The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) – a FATF-style regional body established in 1997.
The report demonstrates significant advance in combating ML/TF in the republic, Armenia’s Central Bank informs on Friday.
The progress is particularly reported in the following directions: -if the legislative acts regulating the sphere are adopted, the existing flaws in ML/TF regulation will be removed; this will apply to clients controlling measures. Moreover, ML/TF notion will be fully defined in accordance with the international standards
-the decision by the Court of Cassation authorizes the right to pass a verdict over “money laundering” regardless of a lower court decision.
-the republic is efficiently systematizing in the frames of the law “On struggling against ML/TF”.
The progress is also seen in money laundering investigation cases.
The adoption of the 2013-2015 national strategy for combating against ML/TF, as well as training courses for law enforcement bodies and financial intelligence representatives are also encouraging, according to the report.
According to MONEYVAL requirements, Armenia will present another report in two years. Armenia has been a MONEYVAL member since 2006. It is actively engaged into the evaluation process of the systems struggling against money laundering and terrorism financing. –0-
