Wed, 30 April
11.1 C
Yerevan
USD: 389.45 RUB: 4.78 EUR: 443.12 GEL: 141.62 GBP: 521.16
spot_img

Armenia to criminalize creation of financial pyramids

YEREVAN, October 19. /ARKA/. Armenia’s parliament passed today in the first reading a string of amendments to the Criminal Code criminalizing the creation and management of financial pyramids.

According to Deputy Chairman of the Central Bank Nerses Yeritsyan, development of technology, including information technology, have resulted in the emergence of various illegal financial schemes.

He said financial pyramids also have an adverse impact on the country’s financial sector, as citizens’ deposits are being accumulated outside the official banking system. He said they placed abroad, simultaneously discrediting the financial sector.

In his words, there were only two reports in recent years in Armenia on financial pyramids, ‘which are very difficult to stop, and they were mostly foreign schemes.’  He noted that there are no obstacles now to prevent the creation of financial pyramids because of the lack of criminal punishment for this type of crime, which is a real threat.

According to him, before drawing up the amendments, the Central Bank had studied the international experience in this area. In particular, the amendments propose that managers of financial pyramids be prosecuted from two to eight years in prison with a possible confiscation of property. Persons who report on such crimes will be exempted from criminal liability. -0-

spot_img

POPULAR

Armenia may access $25 mln from the IMF under the SBA agreement in June

An International Monetary Fund (IMF) team led by Iva Petrova visited Yerevan from March 31 to April 10, 2025, to conduct discussions for the fifth review under the Stand-By Arrangement (SBA) with Armenia.

Euro exchange rate down 1 point, while US dollar and ruble up

The average market exchange rate of the U.S. dollar to the Armenian dram on April 25, 2025, rose by 0.77 points compared to April 23 and amounted to AMD 390.33.

Instruments for supporting SMEs in Armenia were discussed with bankers at the Ministry of Economy

Financial instruments for supporting small and medium-sized businesses (SMEs) were discussed by Deputy Minister of Economy of Armenia Lilia Sirakanyan and bank representatives.

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

Armenia ratifies EUR 10.1 million investment agreement with EIB on Yerevan’s Second Energy Efficiency Program

The Armenian Parliamentary Committee on Financial, Credit and Budgetary Affairs gave a positive conclusion at its meeting on Friday on the ratification of the agreement on the investment grant for the "Second Yerevan Energy Efficiency Program" in the amount of EUR 10.1 million.

LATEST NEWS

spot_imgspot_imgspot_img